|19 June, 2019

Mideast Stocks: All major Gulf markets rise

The Abu Dhabi index was up 0.9%, while the Saudi index rose 0.2%

Major Gulf markets rose on Wednesday, mostly lifted by financial stocks amid rising oil prices, while Qatar was boosted by its blue-chip shares.

Oil prices extended gains into a second session, buoyed by rekindled hopes for a U.S.-China trade deal and potential economic stimulus from the European Central Bank (ECB). 

Tensions in the Middle East after tanker attacks there last week supported oil markets but pressured most Gulf stocks. Markets have steadied after sliding in previous sessions following the attacks, as investor concerns have eased somewhat.

Both Tehran and Riyadh said they did not want a war, although tensions in the region remain high, making stock trading potentially volatile.

Qatar's index was up 1% with lender Masraf Al Rayan surging 3.1% and Qatar International Islamic Bank  jumping 6.1%.

The Abu Dhabi index was up 0.9%, as First Abu Dhabi Bank rose 0.7% and Emirates Telecommunications Group gained 1.1%.

The Saudi index rose 0.2% with Al Rajhi Bank adding 0.4%.

Maharah Human Resources jumped 10% to 83.4 riyals ($22.24), the stock was offered at 69 riyals per share.

MetLife AIG ANB Cooperative Insurance Co hiked 2% after the insurer said it had signed a non-binding memorandum of understanding with bigger rival Walaa Cooperative Insurance Co to evaluate a potential merger between the two. Walaa was up 0.8%.

In Dubai, the index added 0.2%, helped by a 1.4% rise in Aramex. ($1 = 3.7501 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Hugh Lawson) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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