Mideast Stocks: Qatar index leads major Gulf markets higher

Major stock markets in the Gulf ended higher on Thursday

  
A trader is seen leaving his position during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

A trader is seen leaving his position during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

REUTERS/Hamad I Mohammed

Major stock markets in the Gulf ended higher on Thursday, with Qatar outperforming the region as most of the stocks on the index were in positive territory.

In Qatar, the index closed up 1%, led by a 3.4% jump in Industries Qatar and a 1.2% rise in Qatar National Bank.

Saudi Arabia's benchmark index rose 0.6%, with petrochemical firm Saudi Basic Industriesm climbing 3.5% and top lender National Commercial Bank increasing 1.3%.

Supermarket retailer BinDawood Holding on Wednesday said it had priced its initial public offering at 96 riyals ($25.59) a share.

At 96 riyals per share, BinDawood's market capitalisation at listing is seen at 10.97 billion riyals, the statement said.

Dubai's main share index edged up 0.1%, with sharia-compliant lender Dubai Islamic Bank rising 1.2%, while Air Arabia advanced 1.9%, ending four sessions of losses.

On Tuesday, the budget airliner announced free global COVID-19 cover for all passengers travelling on its flights which includes medical and quarantine costs.

The Abu Dhabi index rose 0.4%, supported by a 0.5% gain in the country's largest lender First Abu Dhabi Bank  and a 0.2% increase in Emirates Telecommunications .

A United Arab Emirates company is nearing the end of Phase III clinical trials of a Chinese COVID-19 vaccine and hopes to manufacture it next year, Reuters reported, citing a representative. 

The trial, which began in mid-July, is a partnership between Sinopharm's China National Biotec Group and Abu Dhabi-based artificial intelligence and cloud computing company Group 42. 

** Egypt was closed for a public holiday.

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

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