MIDEAST STOCKS-Major Gulf markets mixed; UAE's TAQA surges on deal - Reuters:
Dubai’s stock market rose on Monday, led by gains in banking and property shares, while other Gulf bourses were mixed as investors await corporate earnings announcements.
In Dubai, the index gained 0.8% with blue-chip developer Emaar Properties adding 1.3%, while Dubai Islamic Bank was up 1.1%.
The United Arab Emirates’ largest sharia-compliant lender could axe more than half its workforce with a planned 500-plus job cuts at newly acquired Noor Bank as part of cost reductions across both lenders, Reuters reported on Sunday citing three sources close to the matter.
Elsewhere, Oman Insurance soared 11.3%, its biggest intraday gain since August, following an agreement to acquire an additional 49% stake in its subsidiary Dubai Starr Sigorta.
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