Middle East

MIDEAST STOCKS Saudi leads major Gulf bourses higher in early trade

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Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri/File Photo

July 25 (Reuters) - Major stock markets in the Gulf rose in early trade on Sunday, as the bourses reopened after a long Eid break, with financials and petrochemical shares boosting the Saudi index.

During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.

Saudi Arabia's benchmark index (.TASI) advanced 1.1%, with Al Rajhi Bank (1120.SE) rising 2%, and petrochemical maker Saudi Basic Industries (2010.SE) putting on 1.3%.

Elsewhere, Yanbu National Petrochemicals Company (2290.SE) climbed 1.8%, after it announced completion of all required maintenance work, and resumption of operations of the company's plants.

Dubai's main share index (.DFMGI) gained 0.8%, led by a 1.9% rise in Emirates NBD Bank (ENBD.DU) and a 1% increase in blue-chip developer Emaar Properties (EMAR.DU).

In Abu Dhabi, the index (.ADI) added 0.7%, bolstered by a 0.6% gain in the country's largest lender First Abu Dhabi Bank (FAB.AD).

Among others, Dana Gas (DANA.AD) leapt 2.7%, after the energy firm won an arbitration on the sale of Egypt assets.

In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, has requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt. read more

The Qatari benchmark (.QSI) was up 1%, with almost all the stocks on the index were in positive territory including Qatar National Bank (QNBK.QA), the Gulf's largest lender, which rose 1.4%.

($1 = 3.7507 riyals)

Reporting by Ateeq Shariff in Bengaluru; Editing by Alison Williams

Our Standards: The Thomson Reuters Trust Principles.

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