|07 January, 2020

Mideast Stocks: Financials boost UAE stocks; Saudis down on petchems

Kuwait falling the most in two years

Brokers monitor a screen displaying stock market index at an investment bank in Riyadh

Brokers monitor a screen displaying stock market index at an investment bank in Riyadh

REUTERS/FAISAL NASSER

Stocks in United Arab Emirates rose on Tuesday, boosted by financial-services shares, while petrochemical stocks sent the Saudi market down.

On Sunday, Gulf stocks declined, with Kuwait falling the most in two years on their first day of trade following a U.S. attack in Iraq that killed Iranian military commander Qassem Soleimani, ramping up tensions in the region.

With no immediate retaliation, some of the tension abated. That helped to push oil and gold prices lower on Tuesday as investors booked profits. 

In Dubai, the index advanced 2%, driven by a 3.6% leap in blue-chip developer Emaar Properties and a 2.4% gain by its largest bank, Emirates NBD.

The Kuwait index rose 1.3% with most stocks on the index ending higher. National Bank Of Kuwait rose 1.5% and Agility Public Warehousing was up 1.8% after it was awarded a project to develop 1.2 million square meters of land.

Abu Dhabi's index closed up 1% as First Abu Dhabi Bank gained 1.1%. Telecoms firm Etisalat was up 0.7%.

Saudi Arabia's benchmark index edged down 0.1%, with Saudi British Bank 1060.SE dropping 2.2% and Saudi Basic Industries 2010.SE down 1%.

State-owned Saudi Aramco fell 0.4% to 34.4 riyals ($9.17).

The Qatari index slipped 0.3% with Qatar Islamic Bank shedding 1.1% and Qatar International Islamic Bank declining 2%.

Egypt's market was closed on Tuesday for a public holiday.

($1 = 3.7510 riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Larry King) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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