Saudi stock market lifted by banks, while all major Gulf stocks rise

Saudi Arabia’s stock market rose on Thursday amid rebounding bank shares, while all major Gulf markets were lifted after recent sell-offs.

The Saudi index was up 1% in early trade with all its banks rising.

Saudi British Bank and Alawwal Bank added 2.7% and 0.7% respectively after their shareholders approved a planned merger.

Telecom operators Saudi Telecom rose 1.8% and Etihad Etisalat was up 1.1% after HSBC raised their target prices.

In Dubai, the index was up 0.4%, lifted by real estate shares with its blue-chip developer Emaar Properties increasing 1.4%.

Amusement park operator DXB Entertainment gained 2.7%, rebounding from last session’s decline. Earlier this week, it posted a wider first-quarter loss.

Islamic Arab Insurance rose 2.4% on higher first-quarter gross written contributions.

Qatar’s index was also up 0.3% buoyed by its banking stocks. Lender Masraf Al Rayan added 0.6%, while Mesaieed Petrochemical increased 1.8%.

Mesaieed has been rising since the stock was added to the MSCI index earlier this week. ​

The Abu Dhabi index edged up 0.1% to snap a three-day losing streak. Energy firm Dana Gas traded 1.2% higher following its inclusion into MSCI emerging markets small cap index.

Source: Reuters