Major stock markets in the Gulf rose in early trade on Thursday, mostly on back of financial shares, with broad-based gains pushing Qatari shares higher.
Saudi Arabia's benchmark index rose 0.4%, led by a 1.1% gain in Saudi Telecom Company and a 2.5% increase in Yanbu National Petrochemicals Company.
On Wednesday, the kingdom's finance minister said Saudi Arabia's economy was likely to contract this year, but less sharply than International Monetary Fund forecasts.
The IMF expects Saudi Arabia's economy to shrink by 6.8% this year, a forecast that Saudi officials previously said was more pessimistic than their own projections.
Dubai's main share index edged up 0.2%, with Emirates NBD Bank rising 0.5% and blue-chip developer Emaar Properties up 0.3%.
The Abu Dhabi index added 0.3%, helped by a 0.2% gain in the country's largest lender First Abu Dhabi Bank.
Meanwhile, the United Arab Emirates recorded 883 new coronavirus infections on Wednesday, its highest daily increase in over three months.
Daily infections in the Gulf Arab state have risen in recent weeks, after generally declining from a peak in May.
In Qatar, the index gained 0.8%, as most of the stocks were in positive territory including Qatar Islamic Bank, which traded 1% up.
Commercial Bank, which sold $500 million in five-year bonds at 175 basis points over midswaps, firmed 0.6%.
(Reporting by Ateeq Shariff in Bengaluru; Editing by Christopher Cushing) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))
