Mideast Stocks: Saudi, Qatar supported by oil gains, Emaar rises in Dubai

Dubai's index was up 0.3% as the largest listed developer Emaar Properties rose 1.2%

  
General view of the Dubai Financial Market in Dubai, United Arab Emirates, January 8, 2020.

General view of the Dubai Financial Market in Dubai, United Arab Emirates, January 8, 2020.

REUTERS/Christopher Pike

Most major Gulf stock markets rose on Monday, with property shares supporting Dubai, while Saudi and Qatari indexes extended gains on a rise in oil prices.

Brent was heading for $80 due to supply concerns as parts of the world experience a demand pick-up with the easing of COVID restrictions. 

Dubai's index was up 0.3% as the largest listed developer Emaar Properties rose 1.2% and its shopping centre unit Emaar Malls added 1.5%.

Emaar Malls said on Sunday its chairman and board member Mohamed Al Hussaini had resigned. Emaar Properties plans to buy out minority shareholders of Emaar Malls and delist the business by year-end.

In Saudi Arabia, the Tadawul all share index  was up nearly 0.2%, extending gains from the previous session, with petrochemical stocks leading.

Saudi Basic Industries increased 2.6% and its fertilizer unit SABIC Agri-Nutrients added 1.5%.

The Qatari index was trading 0.1% higher, supported by petrochemical shares and was on track to a fourth consecutive daily gain.

Mesaieed Petrochemical rose 2% and Industries Qatar gained 0.3%.

The Abu Dhabi index was nearly flat with First Abu Dhabi Bank down 0.2% and Emirates Telecommunications Group up 0.3%.

State oil giant Abu Dhabi National Oil Co (ADNOC) said it had completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion. 

The sale is the second IPO of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution, whose shares were up 1%.

(Reporting by Maqsood Alam in Bengaluru; Editing by Alexander Smith) ((Maqsood.Alam@thomsonreuters.com;))


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