Mideast Stocks: Most major Gulf stocks rise; Qatar slips

Most major stock markets in the Gulf recovered some losses

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Most major stock markets in the Gulf recovered some losses on Tuesday, a day after registering steep declines caused by fears about a highly infectious new strain of COVID-19.

The new variant of the virus is spreading rapidly in Britain and drawing high levels of concern among other countries, many of which have cut transport links. 

Saudi Arabia's benchmark index rose 1.7%, buoyed by a 1.6% rise in Al Rajhi Bank and a 2% jump in petrochemical maker Saudi Basic Industries.

Elsewhere, Saudi Telecom Company (STC) traded flat.

Earlier in the day, the telecom firm fell after being hit with a 10-million-riyal ($2.67 million) fine by the kingdom's competition authority on Monday "for abusing its dominant position", according to state TV.

Dubai's main share index concluded 0.8% higher, with sharia-compliant lender Dubai Islamic Bank rising 2.7%, while logistic firm Aramex advanced 2.4%.

In Abu Dhabi, the index added 0.7%, led by a 1.1% rise in Emirates Telecommunications Group and a 0.5% increase in the country's largest lender First Abu Dhabi Bank.

The Qatari index, however, bucked the trend to close 0.1% lower. Qatar Islamic Bank retreated 1.3%, and Qatar Fuel Co  dropped 0.9%.

Outside the Gulf, Egypt's blue-chip index gained 0.7%.

($1 = 3.7517 riyals)

(Reporting by Maqsood Alam in Bengaluru Editing by Mark Heinrich) ((Maqsood.Alam@thomsonreuters.com;))


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