Gulf markets rise as Eid holiday ends

Published: August 26, 2018 15:48:04 | Updated: August 29, 2018 11:42:23

Gulf stock markets rose in quiet trading on Sunday, led by broad-based gains in Saudi Arabia, as they reopened after a one-week break for the Muslim festival of Eid Al Adha.

During that week, the MSCI emerging market index climbed 2.7 per cent as Turkish markets stabilised after plunging because of the country’s currency crisis.

The Saudi stock index rose 1.1 per cent in the first 45 minutes with gainers outnumbering losers by 124 to 20, reports Reuters.

Petrochemical makers were particularly strong after the Brent oil price rebounded above $75.0 a barrel last week.

The top petrochemical firm, Saudi Basic Industries , added 1.6 per cent and Saudi Kayanb, the most heavily traded stock, rose 1.7 per cent.

Arabian Shield Cooperative Insurance, which had been trading near 20-month lows, surged 3.2 per cent.

Dubai’s index gained 0.8 per cent as top bank Emirates NBD rebounded for a second straight trading day, adding 2.2 per cent.

In Qatar, the index climbed 0.4 per cent as the country’s biggest bank, Qatar National Bank, rose 0.9 per cent.

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