MIDEAST STOCKS Saudi index leads most Gulf bourses higher

MIDEAST STOCKS Saudi index leads most Gulf bourses higher By Qatar Day - August 29, 2021

MIDEAST STOCKS Saudi index leads most Gulf bourses higher

Aug 29 (Reuters) - Most stocks in the Gulf region rose in early trade on Sunday, with the Saudi index leading the way while Qatar bucked the trend with a 0.2% decline.

Saudi Arabia's benchmark index (.TASI) gained 0.3% as Al Rajhi Bank (1120.SE) rose by 0.8% and Saudi National Bank (1180.SE), the kingdom's biggest lender, adavnced by 0.3%.

Brent crude oil futures rose $1.63, or 2.3%, to settle at $72.70 a barrel on Friday for the biggest weekly gain in more than a year as energy companies began shutting U.S. production in the Gulf of Mexico ahead of a major hurricane expected to make landfall this week. read more

Moves in oil prices are a key catalyst for the Gulf region's financial markets.

The Abu Dhabi index (.ADI) added 0.1%, supported by a 3.4% rise for Alpha Dhabi Holding (ALPHADHABI.AD).

The Abu Dhabi Securities Exchange (ADX) on Saturday said it would halve its trading commission to 0.025% from 0.05% from Sept. 1, its second commission cut this year and the third in three years. read more

The main share index (.DFMGI) in Dubai, the travel and tourism hub of the Middle East, edged up 0.1%, driven by a 0.7% increase for blue-chip developer Emaar Properties (EMAR.DU).

The United Arab Emirates will resume issuing tourist visas to vaccinated travellers from Aug. 30, state news agency WAM reported on Saturday. read more

The Qatari benchmark (.QSI) fell 0.2%, pressured by a 0.8% drop for the Gulf's largest lender, Qatar National Bank (QNBK.QA).

By Qatar Day - August 29, 2021

Leave a comment