MIDEAST STOCKS-Most Gulf markets rise; Industries Qatar boosts Qatar index - Reuters:
Major stock markets in the Gulf region rose in early trade on Monday, with the Qatari index boosted by gains in shares of Industries Qatar after the petrochemicals firm bought a stake in Qatar Fertiliser Co (QAFCO).
Saudi Arabia’s benchmark index firmed 0.2%, with oil giant Saudi Aramco gaining 0.3%, while Al Rajhi Bank was up 0.2%.
Aramco said on Sunday it was setting up a new corporate development organisation to oversee the company’s assets and secure greater access to growth markets and technologies.
Qatar’s index added 0.8%, as Industries Qatar surged 6.5%, reaching its highest level since May, after the petrochemical maker bought Qatar Petroleum’s 25% stake in QAFCO for $1 billion.
In Dubai, which traded after a session’s break, the index gained 1.1%, with blue-chip developer Emaar Properties rising 2.4% and Emirates NBD adding 1.4%.
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