Mideast Stocks: Most Middle East markets fall; Dubai gains over 1%

Gains in the financial sector in Saudi Arabia were offset by losses in industrials and materials

  

Most Gulf stock markets were down on Thursday, with Saudi Arabia's benchmark index nearly flat, but Dubai index rose over 1%.

Crude prices fell after official data showed a big jump in U.S. gasoline stocks, sparking concerns about demand weakening in the world's biggest oil consumer as crude supplies around the world rise. 

Gains in the financial sector in Saudi Arabia were offset by losses in industrials and materials, with the index trading up 0.14%.

Saudi Cement was the top drag, while Al-Rajhi Bank boosted sentiment the most.

In Dubai, the main share index rose over 1%, its biggest daily percentage gain in nearly 10 days.

Emirates NBD Bank rose 1.7%, a day after it entered an agreement to sell controlling interest in Dubai Bank.

Emaar Development rose 1.2% and Emaar Properties gained 1.7%.

The Qatari index was down 0.07% with financial stocks dropping the most.

In Abu Dhabi, the index rose 0.3%, with First Abu Dhabi Bank up 0.7%.

The International Monetary Fund has said it expects most Gulf economies to recover this year at a faster pace than previously estimated, as it raised its 2021 global growth forecast to 6% from 5.5% less than three months ago. 

(Reporting by Tanvi Mehta in Bengaluru; Editing by Rashmi Aich) ((tanvi.mehta@thomsonreuters.com; +91 80 61822707; Reuters Messaging: tanvi.mehta.thomsonreuters.com@reuters.net))

More From Equities