Mideast Stocks: Most Gulf markets rise; Industries Qatar boosts Qatar index

Saudi Arabia's benchmark index firmed 0.2%


Major stock markets in the Gulf region rose in early trade on Monday, with the Qatari index boosted by gains in shares of Industries Qatar  after the petrochemicals firm bought a stake in Qatar Fertiliser Co (QAFCO).

Saudi Arabia's benchmark index firmed 0.2%, with oil giant Saudi Aramco gaining 0.3%, while Al Rajhi Bank was up 0.2%.

Aramco said on Sunday it was setting up a new corporate development organisation to oversee the company's assets and secure greater access to growth markets and technologies.

Qatar's index added 0.8%, as Industries Qatar surged 6.5%, reaching its highest level since May, after the petrochemical maker bought Qatar Petroleum's 25% stake in QAFCO for $1 billion.

In Dubai, which traded after a session's break, the index gained 1.1%, with blue-chip developer Emaar Properties rising 2.4% and Emirates NBD adding 1.4%.

The Abu Dhabi index was up 0.3%, helped by a 0.2% increase in the country's largest lender First Abu Dhabi Bank.

Waha Capital rose 1.2%, after the investment firm announced on Sunday an investment of 184 million dirhams ($50.10 million) in Despegar.com, an online travel company in Latin America.

($1 = 3.6728 UAE dirham)

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

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