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[1/2]DUBAI, United Arab Emirates, November 08, 2020 A woman walks past the Dubai Financial Market after Joe Biden won the US presidency. REUTERS/Christopher Pike
July 3 (Reuters) – Most major stock markets in the Gulf region rose in early trade on Monday, with Dubai outperforming the region but Abu Dhabi bucking the trend.
Dubai main stock index (.DFMGI) – traded after a four-session break – rose 1.3 percent, boosted by a 3 percent gain in blue-chip developer Emaar Properties (Emma. You) Emirates NBD Bank rose 1.7% (ENBD.DU).
Saudi Arabia Benchmark Index (.one) Up 0.2% thanks to Dr Sulaiman Al-Habib Medical Services, up 0.8% (4013.SE).
Among other gainers, Etihad Etisalat (7020.SE) It rose 2.4 percent the day before ex-dividend trading.
In Qatar, the index (.QSI) Shares in petrochemical maker Qatar Industries rise 0.2% (IQCD.QA) Increased 0.8% and Nakilat Co, which transports Qatari gas (QGTS.QA) climbed 1%.
In Abu Dhabi, whose economy is largely dependent on oil, the index (.FTFADGI) Commodities traded down 0.1% slipped and fell.
Oil – a key catalyst for Gulf financial markets – fell as worries about a global economic slowdown and the possibility of further rate hikes by the Federal Reserve weighed on prices, offsetting expectations for tighter supplies and OPEC+ output cuts.
Reporting by Ateeq Shariff in Bengaluru; Editing by Janan Venkatraman
Our standards: Thomson Reuters Trust Principles.
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