Major stock markets in the Gulf rose in early trade on Sunday, as the bourses reopened after a long Eid break, with financials and petrochemical shares boosting the Saudi index.
During holidays in the Gulf, traders typically cash in shares and are generally cautious of any developments in global markets while their bourses are closed.
Saudi Arabia’s benchmark index advanced 1.1%, with Al Rajhi Bank rising 2%, and petrochemical maker Saudi Basic Industries putting on 1.3%.
Elsewhere, Yanbu National Petrochemicals Company climbed 1.8%, after it announced completion of all required maintenance work, and resumption of operations of the company’s plants.
Dubai’s main share index gained 0.8%, led by a 1.9% rise in Emirates NBD Bank and a 1% increase in blue-chip developer Emaar Properties .
In Abu Dhabi, the index added 0.7%, bolstered by a 0.6% gain in the country’s largest lender First Abu Dhabi Bank .
Among others, Dana Gas leapt 2.7%, after the energy firm won an arbitration on the sale of Egypt assets.
In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy Group, has requested arbitration after Dana Gas cancelled a sale of oil and gas assets in Egypt.
The Qatari benchmark was up 1%, with almost all the stocks on the index were in positive territory including Qatar National Bank , the Gulf’s largest lender, which rose 1.4%.
($1 = 3.7507 riyals)