(Reuters) – Most Gulf region stock markets rose as trading began on Tuesday, following gains in oil prices and Asian stocks, with the Dubai benchmark poised to break five sessions of losses .
Oil prices, a key catalyst for the Gulf region’s financial markets, have jumped by more than a dollar amid tight global supply prospects and an upcoming meeting of major crude producers is expected to largely contain production. [O/R]
Saudi Arabia’s benchmark index rose 0.8%, with Al Rajhi Bank rising 1.5%, while petrochemical firm Saudi Basic Industries rose 1.7%.
Dubai’s main stock index rose 1.1%, outperforming its peers, boosted by a 2.2% gain at its largest lender Emirates NBD.
Among others, blue chip developers Emaar Properties climbed 1.1%.
In Abu Dhabi, the index edged up 0.2%, with Emirates Telecommunications Group (Etisalat) up 1%.
Etisalat’s board of directors recommended a total dividend of 1.2 dirhams per share for the year 2020, including a special dividend of 40 fils per share after the telecom canceled its share buyback program.
The index’s gains, however, were capped by losses at the country’s largest lender, First Abu Dhabi Bank.
The Qatari index rose 0.3%, a day after experiencing the largest intraday drop in ten months.
Qatar National Bank, the Gulf’s largest lender by assets, gained 2.3%, while Sharia-compliant lender Masraf Al Rayan posted a 1.6% increase.
Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich