Gulf stocks mostly rise on Monday as Mideast tensions cool

Stock markets across the Gulf region staged a partial recovery in Monday’s early trading, clawing back some of the losses incurred last week as worries over a wider Middle East conflict subsided, Reuters reported.

Saudi Arabia’s benchmark index, the TASI, rose 0.2 per cent, with gains led by a two per cent increase in Sulaiman Al Habib Medical Services.

Additionally, Saudi Telecom Company (STC) climbed 0.4 per cent after news that the Public Investment Fund (PIF) acquired a majority stake in Telecommunication Towers Company Limited.

The Qatari index rose 0.3 per cent, with Qatar Gas Transport among the gainers. Dubai’s main index advanced 0.5 per cent, fueled by a one per cent rise in blue-chip developer Emaar Properties and a 3.8 per cent jump in Gulf Navigation.

However, Abu Dhabi bucked the trend, with its main index edging down slightly by 0.1 per cent.