Mideast Stocks: Major Gulf markets gain; ex-dividend stocks drag down Qatar

Ten of 11 Saudi Arabian banks rise

  
Traders watch share prices on an electronic display at the Doha Stock Exchange in Doha, Qatar June 3, 2015. .

Traders watch share prices on an electronic display at the Doha Stock Exchange in Doha, Qatar June 3, 2015. .

REUTERS/Naseem Zeitoon

Most Gulf stockmarkets ended higher on Tuesday, led by gains in financial and property stocks, but the Qatari index was pressured by a slew of blue-chips trading ex-dividend.

Saudi Arabia's benchmark index climbed 1.2%, outperforming the region, boosted by a 2.5% rise in Al Rajhi Bank and a 3.3% jump in National Commercial Bank, the kingdom's largest lender.

However, oil behemoth Saudi Aramco eased 0.1%.

In Qatar, the benchmark slid 1.4%, dragged down by a 4.7% fall in petrochemical firm Industries Qatar and a 4.8% decline in lender Masraf Al Rayan as the duo traded ex-dividend.

The shares of both companies saw their biggest intraday falls since March 9, 2020 when the region witnessed panic trading following a more than 20% plunge in oil futures after Saudi Arabia slashed prices as an OPEC deal collapsed. 

Dubai's main share index gained 0.7%, with blue-chip developer Emaar Properties rising 1.7%, while sharia-compliant lender Dubai Islamic Bank finished 0.8% higher.

Elsewhere, Amanat Holding was up 0.7%, extending gains from the previous session.

On Monday, the Dubai-listed healthcare company said it had bought long-term care specialist Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare

In Abu Dhabi, the index added 0.8%, buoyed by a 1.8% gain in the country's largest lender First Abu Dhabi Bank .

Outside the Gulf, Egypt's blue-chip index fell 0.4%, hit by a 0.6% fall in top lender Commercial International Bank Egypt.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Susan Fenton) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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