MIDEAST STOCKS-Most major gulf markets gain; QNB drags Qatar lower - Reuters:
Most major Gulf stock markets gained on Monday, with
Dubai leading the gains on corporate earnings, while Qatar slipped as its top
lender traded ex-dividend.
Dubai's main share index gained 0.5% as Dubai Islamic Bank, which
is due to report 2019 earnings on Wednesday, rose 1.1%. Emaar Properties
was up 1.3%.
Air Arabia closed up 4.7%, after rising as much as 8% during the
session. The budget airliner swung to a profit in 2019 on lower fuel prices and
proposed a dividend of 9 fils per share. But Dubai Financial Market
dropped 5.2% after it reported a lower profit for the year.
Saudi Arabia's benchmark index was up 0.2%, supported by gains by
banking and petrochemical shares. Kingdom's largest bank, National Commercial
Bank, rose 1.2%. Banque Saudi Fransi rose 1.8%.
State-owned Saudi Aramco was down 1.3% to 33.6 riyals ($8.96), a
day after it snapped a five sessions of losses. The stock closed up 2% in the
previous session after touching a low of 32.8 riyals, not far from its initial
public offering price of 32 riyals.
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