Mideast Stocks: Most major Gulf markets steady in early trade

Saudi Arabia's benchmark index rose 0.6%

  
A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

A Saudi trader monitors stocks at the Saudi Bank in Riyadh November 22, 2008. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Most major Gulf markets rose in early trade on Monday, a day after a retreat in the region, with financial shares buoying the Saudi index, although Qatar bucked the trend to traded lower.

Saudi Arabia's benchmark index rose 0.6%, with Banque Saudi Fransi advancing 2% and Saudi Electricity gaining 2.2%.

Elsewhere, Al Etihad Cooperative Insurance surged 10% after it reported a sharp rise in third-quarter net profit.

Dubai's main share index added 0.6%, led by a 1.4% rise in its largest lender Emirates NBD Bank and a 4.8% jump in DAMAC Properties.

The Abu Dhabi index edged up 0.2%, supported by a 0.5% rise in telecoms firm Etisalat.

In Qatar, the index eased 0.4%, with petrochemical firm Industries Qatar falling 1.3% and Barwa Real Estate Company retreating 1.5%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Angus MacSwan)

© Reuters News 2020

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