Mideast Stocks: Most Gulf stocks gain in early trade on bank boost

Saudi's benchmark index rose 0.6%


A rally in banking shares lifted major Gulf stock markets early on Monday, with the Saudi index leading the gains.

Saudi's benchmark index rose 0.6%, recovering from its biggest intraday fall since February in the previous session.

Underpinning the gains, Al Rajhi Bank climbed 1.2%, after proposing a 1 riyal per share dividend for 2020, and Saudi Basic Industries advanced 1.2%. 

In Qatar, the index firmed 0.5% and was on course for a third straight session of gains. Industries Qatar rose 2.2%, while Qatar International Islamic Bank was up 2.4%.

Dubai's index opened 0.2% higher, helped by a 0.9% rise in its largest lender Emirates NBD and a 1.7% jump in developer Damac properties.

Damac in a statement said on Sunday that it concluded a vaccination drive against COVID-19 for its employees and their spouses across the company and its units. 

Amanat Holdings advanced 2.5% after the Dubai-listed healthcare firm said it bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare

The Abu Dhabi index edged up 0.1%, with the Adnoc Distribution gaining 2.9%.

($1 = 3.7504 riyals)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Aditya Soni) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

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