Mideast Stocks: Major Gulf markets gain in early trade

The benchmark index in Saudi Arabia, which traded after a five-session break, rose 0.3%

  

Major stock markets in the Gulf posted early gains on Wednesday, with real estate shares leading the Dubai index higher.

The benchmark index in Saudi Arabia, which traded after a five-session break, rose 0.3%.

Saudi Arabia's non-oil private sector stabilised in July after four months of contraction, a survey showed on Wednesday, suggesting the worst of the disruption caused by the coronavirus pandemic may be over.

National Commercial Bank, the kingdom's largest lender, advanced 1.4%. Saudi Aramco edged up 0.3%.

Aramco, which is scheduled to report its second-quarter earnings on Sunday, will delay the release of its September official selling prices for crude until early next week, Reuters reported on Tuesday, citing a person familiar with the matter.

Dubai's main share index gained 0.6%, with blue-chip developer Emaar Properties rising 1.5% and its unit Emaar Malls gaining 3%.

In Abu Dhabi, the index added 0.4%, helped by a 2.7% rise in International Holding and a 0.4% increase in First Abu Dhabi Bank (FAB).

FAB, the United Arab Emirates' biggest bank, has sold 3.6 billion Chinese yuan ($517.84 million) of five-year dual-listed Formosa bonds at 3.4%, it said in a statement on Tuesday.

The bank increased the size from 3.25 billion yuan and said it was the biggest yuan-denominated sale by a non-Chinese bank issuer and the biggest Chinese yuan Formosa issuance.

** Qatar remained closed for the Eid holidays.

($1 = 6.9519 Chinese yuan renminbi)

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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