Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions.
Skip to main content

Middle East

MIDEAST STOCKS Qatar gains as major Gulf markets rise

2 minute read

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed

June 22 (Reuters) - Major Gulf markets rose in early trade on Tuesday, mostly lifted by financial stocks, while Qatar was boosted by its blue-chip shares.

The Qatari benchmark (.QSI), up 0.6%, saw broad-based gains, with telecom firm Ooredoo (ORDS.QA) jumping about 6%.

Qatar’s foreign minister on Monday received the new Saudi ambassador to Doha, the first to be reinstated by Arab states after they agreed to end a dispute with Qatar earlier this year.

Riyadh stands to benefit economically from the thaw with wealthy, gas-producing Qatar.

Saudi Arabia's benchmark index (.TASI) gained 0.5%, with Al Rajhi Bank (1120.SE) rising 0.7%, while Saudi National Bank (1180.SE), the kingdom's biggest lender, firmed 0.6%.

Yemen’s warring parties are thrashing out terms for a peace deal that would extricate the kingdom from a costly war and help alleviate a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official.

One of the sources said Riyadh was open to a deal but "would need some additional guarantees from Oman and Iran", both with close ties with the Houthis.

Dubai's main share index (.TASI) added 0.2%, helped by a 0.8% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.5% increase in budget airliner Air Arabia (AIRA.DU).

Dubai’s state airport operator is hoping for a “flood” of travellers as the pandemic eases, targeting passenger traffic through Dubai International Airport to grow 8% to 28 million this year.

In Abu Dhabi, the index (.ADI) edged up 0.1%, with aquaculture firm International Holding (IHC.AD) gaining 0.6%.

Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

More from Reuters