Mideast Stocks: Most major Gulf markets up but banks hurt Qatar

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Most major Gulf stock markets rebounded on Wednesday, a day after tumbling on a rebalancing of MSCI indexes, while Qatar shares fell in early trade.

In Saudi Arabia, the benchmark index rose 0.3% with Al Rajhi Bank and Saudi Basic Industries increasing 1.3% and 0.8% respectively.

Global index provider MSCI on Tuesday implemented the final step of an increase in the weighting of mainland Chinese stocks, or A shares, in its widely followed emerging markets benchmark . Most Gulf stock indexes slipped into negative territory following the event, with Saudi leading the losses.

Dubai's index rose 0.2%, as Dubai Islamic Bank gained 1.7% and DAMAC Properties leapt 3.6%.

On Tuesday, Dubai Islamic Bank called a shareholders' meeting on Dec. 17 to approve acquisition of the unlisted Noor Bank.

Among other banking stocks, Ajman Bank also rose 2.7%. On Tuesday, the lender said that it had arranged a 575 million dirhams ($156.56 million) syndicated financing for the government of Pakistan.

In Abu Dhabi, the index edged up 0.1% with First Abu Dhabi Bank adding 0.1%.

However, Qatar's index slipped 0.1%, led by a 2.5% fall in Qatar International Islamic Bank and a 1.1% slide in Mesaieed petrochemicals. ($1 = 3.6727 UAE dirham) (Reporting by Shamsuddin Mohd in Bengaluru; Editing by Alex Richardson)