Mideast Stocks: Banks lift Saudi shares, real estate boosts UAE markets

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Most Gulf stock markets rose on Monday, with the Saudi Arabian index boosted by financial shares, while markets in the United Arab Emirates gained on strength in property shares.

Saudi’s benchmark index gained 0.6%, with the country’s largest lender National Commercial Bank climbing 2.3%. Al Rajhi Bank firmed 0.6%.

The kindgom will partially lift its suspension of international flights as of Sept. 15 to allow “exceptional categories” of citizens and residents to travel, the state news agency SPA said on Sunday.

The news agency also said Saudi Arabia will scrap all travel restrictions on air, land and sea transport for citizens on Jan. 1, 2021.

Dubai’s main share index rose 0.4%, driven by a 0.9% gain in Emirates NBD Bank and a 5.2% jump in DAMAC Properties.

The Abu Dhabi index edged up 0.1%, supported by a 1.5% rise in Aldar Properties and a 0.3% increase in Abu Dhabi National Oil Company for Distribution.

Abu Dhabi National Oil Company (ADNOC) completed a placement to institutional investors of 1.25 billion shares in ADNOC Distribution.

This represents 10% of ADNOC Distribution’s share capital. With the additional 10% placement, valued at $1 billion, the free float will rise to 20% and, contributing to improved liquidity of ADNOC Distribution shares, the company said.

Boursa Kuwait, the country’s national stock market, made its public debut on Monday at more than 10 times the price its shares were offered to citizens last year, becoming the Gulf’s second publicly listed stock exchange.

The Kuwaiti index was up 0.2%.

In Qatar, the index slipped 0.1%, hurt by a 1.3% fall in the Gulf’s largest lender Qatar National Bank.

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))



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