Mideast Stocks: Saudi leads major Gulf bourses higher

Saudi Arabia's benchmark index gained 0.6%

  
Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

Saudi traders are seen as they monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrator purpose

REUTERS/Ahmed Yosri

Most major stock markets in the Gulf rebounded in early trade on Tuesday, with the Saudi index on track to end three sessions of losses.

Saudi Arabia's benchmark index gained 0.6%, helped by a 1.9% rise in Al Rajhi Bank and a 1.5% increase in Alinma Bank.

The kingdom's Tourism Development Fund said on Monday it had deployed 2 billion riyals ($533.13 million) on tourism projects worth a total of around 6 billion riyals from its establishment last year until the end of September this year. 

In the previous session, the Saudi bourse suffered its biggest intraday fall in over a year following regional tensions.

The Saudi-led coalition in Yemen said on Tuesday it was launching air raids on "legitimate" Houthi military targets in the capital Sanaa, and asked civilians not to gather around or approach potential targets, Saudi state TV reported. 

Yemen's Iran-aligned Houthi movement said on Saturday it had fired 14 drones at several Saudi Arabian cities, including at Saudi Aramco facilities in Jeddah. 

In Abu Dhabi, the index rose 0.2%, with Emirates Telecommunications Group up 1.1% and the country's largest lender, First Abu Dhabi Bank, rising 0.3%.

Meanwhile Abu Dhabi state investor Mubadala, which manages $243 billion in assets, expects no change in its investment strategy and themes in 2022, group chief executive Khaldoon Khalifa Al Mubarak said on Monday. 

Dubai's benchmark index rose 0.2%, led by a 13% surge in Mashreq Bank after it entered into a strategic partnership with Dubai South to build banking and financial solutions for Dubai South's aviation and logistics ecosystem. 

The Qatari index edged 0.1% higher, with petrochemical maker Industries Qatar adding 0.5%.

($1 = 3.7514 riyals)

(Reporting by Ateeq Shariff in Bengaluru, Editing by Timothy Heritage) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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