Gulf stocks rise as positive talks ease trade tensions

All major Gulf stock markets rose on Sunday, reflecting Friday’s surge in global equity shares after the United States and China appeared to move closer towards a resolution of their trade war.

U.S. President Donald Trump on Friday outlined the first phase of a deal to end the trade dispute with China and suspended a threatened tariff hike.

The emerging deal, covering agriculture, currency and some aspects of intellectual property protections, would represent the biggest step by the two countries in 15 months to end a tariff tit-for-tat that has whipsawed financial markets and slowed global growth.

Saudi Arabia’s index rose 0.8 percent after four days of losses, with Al Rajhi Bank increasing 2.8 percent.

National Shipping Co.(Bahri) surged 10 percent as shareholders as of Oct. 13 will be eligible for the latest declared dividend of 0.5 riyal per share.

The shipping firm has risen in recent sessions following an extension of a shipment contract with the Ministry of Defence that increased the total deal value to 421.7 million riyals ($112.45 million).

United Electronics gained 1.5 percent after saying that one of its units had obtained preliminary approval from the Saudi Arabian Monetary Authority (SAMA) to provide credit card financing.

In Abu Dhabi, the index was up 0.4 percent with First Abu Dhabi Bank adding 0.3 percent and Abu Dhabi Commercial Bank rising 1.2 percent.

Dubai’s index was up 0.2 percent, led by a 1.1 percent gain in blue-chip developer Emaar Properties.

Contractor Arabtec Holding jumped 3.3 percent after a report that it has hired advisers for a potential merger with construction firm Trojan Holding.

The Qatari index was up 0.1 percent. Industries Qatar gained 0.7 percent and Qatar International Islamic Bank was up 1.6 percent.

Source: Reuters

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