Most major Gulf markets rise; Qatar shares fall
Reuters | Qatar
The Daily Tribune – www.newsof Bahrain.com
Most major stock markets in the Gulf traded higher early on Sunday, largely on the back of gains in finance industry shares, while the Qatari index was down, bucking the firmer trend.
Saudi Arabia's benchmark index .TASI rose 0.5%, led by a 4.7% jump in utility company Saudi Electricity 5110.SE and a 0.4% increase in Al Rajah Bank 1120.SE.
On Thursday, major Gulf markets had logged weekly gains following positive developments in a COVID-19 vaccine which boosted hopes of a faster-than-expected global economic recovery.
Dubai's main share index .DFMGI gained 0.5%, with its largest lender Emirates NBD Bank ENBD.DU advancing 1.5%, while blue-chip developer Emaar Properties EMAR.DU added 1.1%.
In Abu Dhabi, the index .ADI traded 1% higher, on track to extend gains for a fifth session, buoyed by a 2.4% rise in the United Arab Emirates' (UAE) biggest lender First Abu Dhabi Bank FAB.AD.
UAE has reopened its land-border crossings as it works to support the economy from the effects of the coronavirus pandemic, Reuters reported on Friday, citing state news agency WAM.