Most major stock markets in the Gulf rose in early trade on Sunday supported mostly by banking stocks, while Qatar bucked the trend to trade lower.
In Dubai, the main share index was up 0.6%, boosted by a 1.2% rise in Islamic lender Dubai Islamic Bank and a 0.7% increase in its largest bank Emirates NBD.
Deyaar Development also gained 1% after its board approved a settlement offer of AED 500 million ($136.14 million) in a dispute with Limitless
Saudi Arabia’s benchmark index rose 0.3%, as Al Rajhi Bank gained 0.4%, and Saudi Telecom advanced 0.9%.
The Abu Dhabi index also edged 0.1% higher, with Abu Dhabi Commercial Bank gaining 1.3%, while International Holding Company was up 0.8%.
In Qatar, the benchmark index, however, edged down 0.1%, as Industries Qatar fell 0.9%, but Qatar National Bank rose 0.1%.
QNB, the Gulf’s biggest bank by assets, said on Friday it has signed an agreement with Moscow-based asset manager VTB Capital Investments, to launch funds to attract foreign capital into Russia and Qatar.