MIDEAST STOCKS Major Gulf Markets Gain as Financial Stocks Rise

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A trader looks near electronic boards displaying stock data on the Bahrain Stock Exchange after Joe Biden won the presidency of the United States, in Manama, Bahrain on November 8, 2020. REUTERS / Hamad I Mohammed

  • Dubai Airport targets 28 million passengers this year
  • Abu Dhabi opens free COVID-19 vaccines to tourists
  • Qatar will only exploit debt markets on an ‘opportunistic’ basis in 2021

June 22 (Reuters) – Major Gulf stock markets ended higher on Tuesday, buoyed by financials, with the Abu Dhabi index leading the gains.

Saudi Arabia’s benchmark index (.TASI) rose 0.3%, with Saudi National Bank (1180.SE) up 2.5% and petrochemical maker Saudi Basic Industries (2010 .SE) up 0.7%.

Yemen’s warring parties are debating the terms of a peace deal that would lift the kingdom out of a costly war and help ease a devastating humanitarian crisis, Reuters reported, citing two sources close to the talks and a Houthi official. Read more

One of the sources said Riyadh was open to a deal but “would need additional guarantees from Oman and Iran”, both of which have close ties to the Houthis.

Dubai’s main stock index (.TASI) closed up 0.3%, supported by a 1.2% rise from blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% increase in his unit Emaar Malls (EMAA.DU).

Dubai State Airport operator hopes a ‘flood’ of travelers as the pandemic eases, targeting passenger traffic through Dubai International Airport to rise 8% to 28 million this year . Read more

“While infection rates in the region remain stable, Dubai announced the opening of its airport terminals this week as a sign of easing covid restrictions,” said Michael Stark, research analyst at Exness.

“This move should help the aviation industry get back on track and stimulate the economy.”

In Abu Dhabi, the index (.ADI) gained 0.5%, the country’s largest lender, First Abu Dhabi Bank (FAB.AD) up 1% and aquaculture company International Holding (IHC.AD) up 0.8%.

Abu Dhabi, the capital of the United Arab Emirates, offers tourists free COVID-19 vaccinations that were previously only available to UAE citizens and residence visa holders. Read more

The Qatari index (.QSI) rose 0.3%, supported by a 6.9% jump from telecommunications company Ooredoo (ORDS.QA).

Qatar will only exploit the debt market on an “opportunistic” basis this year after a surge in energy prices reduced the budget financing needs of the gas-rich Gulf state, the government said. Acting Minister of Finance. Read more

Outside the Gulf, the Egyptian blue chip (.EGX30) rose 1.4%, with most stocks in the index in positive territory, including its main lender Commercial International Bank (COMI.CA), up 1.6%.

Reporting by Ateeq Shariff in Bangalore; Editing by Krishna Chandra Eluri

Our standards: Thomson Reuters Trust Principles.


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