Traders wait at the Bahrain Stock Exchange after Joe Biden won the U.S. presidency, in Manama, Bahrain November 8, 2020. REUTERS/Hamad I Mohammed/File photo acquire licensing rights
Sept 18 (Reuters) – Most Gulf stock markets rose in early trading on Monday, tracking rising oil prices and buoyed by optimism that China’s economy was finally turning a corner.
Oil prices, a key catalyst for the Gulf financial market, climbed 0.8%, supported by forecasts of a widening supply gap in the fourth quarter after Saudi Arabia and Russia extended their reductions.
News of increased policy support from Beijing and upbeat retail sales and industrial production data for August added to signs of stabilization in the world’s second-largest economy.
In Qatar, the benchmark stock index (.QSI) rose 0.3%, Mesaieed Petrochemical Holding (MPHC.QA) up 5% and Qatar Navigation (QNNC.QA) up 1%.
Saudi Arabia’s benchmark stock index (.TASI) rose 0.3%, Dr. Sulaiman Al-Habib Medical Services (4013.SE) rose 1.3% and Savola Group (2050. SE) of 3.2%.
The benchmark Dubai Stock Index (.DFMGI) edged up 0.1%, supported by gains in the industrials and consumer discretionary sectors. Tecom Group (TECOM.DU) rose 3.2% and Air Arabia (AIRA.DU) rose 1.1%.
In Abu Dhabi, the benchmark stock index (.FTFADGI) fell 0.3%, led by a 1% loss in conglomerate International Holding Company (IHC.AD) and a 0.2% drop in First Abu Dhabi Bank (FAB.AD), the largest lender in the United Arab Emirates.
Reporting by Md Manzer Hussain; Editing by Subhranshu Sahu
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