|09 June, 2019

Mideast Stocks: Saudi, Dubai lead Gulf markets higher after holiday break

The Saudi index jumped 0.6% as investors piled into key blue-chip stocks

DUBAI: Gulf markets rose early on Sunday, resuming trade after holidays most of last week to celebrate the end of the Muslim fasting month, with investors taking cue from gains in global markets on Friday.

Major world stock indexes jumped and U.S. Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a U.S. interest rate cut, while there were hints of progress in Washington's trade battles. 

The Saudi index jumped 0.6% as investors piled into key blue-chip stocks. Al Rajhi Bank was up 1%, Saudi Telecom rose 1.4% and Saudi Basic Industries gained 0.9%.

Dubai index rose 0.3%, helped by strong gains in property stocks. DAMAC Properties was up 0.6% and Union Properties rose 3.7%. Market heavyweight Emaar Properties also climbed 0.5%.

"Sentiment is up across the board on global markets amid expectations of a U.S. rate cut," said a trader in Dubai.

Abu Dhabi index rose 0.2%, helped by a 1.8% rise in Abu Dhabi Islamic Bank and a 0.5% gain in Emirates Telecommunications Group or Etisalat.

Qatar's index .QSI was flat on profit-taking after strong gains prior to the Eid holidays. The index closed 1.5% higher on June 3, a day before the Qatari market closed for holidays.

(Reporting by Saeed Azhar) ((saeed.azhar@thomsonreuters.com; +971 44536787))

More From Equities