MIDEAST STOCKS-Most major Gulf markets gain on financials; #Qatar retreats | Nasdaq

MIDEAST STOCKS-Most major Gulf markets gain on financials; Qatar retreats | Nasdaq:

Saudi Arabia's stock market rose on Wednesday buoyed by heavyweight financial stocks in line with most Gulf bourses, while Qatar bucked the trend. 


Saudi's benchmark index .TASI was up 0.3% in early trade. Riyad Bank 1010.SE gained 1.6%, while Al Rajhi Bank 1120.SE inched up 0.3%.

Economic growth in the Gulf will pick up this year and next, helped by Saudi Arabia's investment programme and Expo 2020 in Dubai, although the region will continue to feel the impact of oil output cuts, a Reuters poll showed on Wednesday. 


Saudi Arabia's economy grew 0.3% in 2019, and is expected to grow 2.0% in 2020 and 2.2% in 2021, the poll of 26 economists, conducted Jan. 7-21, projected.

But state-owned oil giant Saudi Aramco 2222.SE slipped 0.3% to 34.5 riyals. EFG Hermes on Wednesday initiated Aramco's coverage with "neutral" rating, in line with most other brokerages, and set a target price of 34 riyals ($9.06) per share.