MIDEAST STOCKS-Most major Gulf markets gain as financial shares rise - Reuters

MIDEAST STOCKS-Most major Gulf markets gain as financial shares rise - Reuters:

Most major Gulf bourses rose in early trade on Wednesday, helped by gains in financial shares, although the Abu Dhabi index bucked the trend to trade flat.

Saudi Arabia’s benchmark index gained 0.3%, with Riyad Bank rising 2.3% and Al Rajhi Bank gaining 0.5%.

The biggest drag on the index was Petrochemical maker Saudi Basic Industries (SABIC), which slipped 0.5%, as the world’s fourth-biggest petrochemicals firm picked banks to arrange a U.S. dollar denominated bond issue, Reuters reported, citing two sources.

The Dubai index rose 0.3%, helped by a 1% gain for Emirates NBD Bank and a 0.7% rise for Emaar Properties .

Elsewhere, Union Properties advanced 2.3%. The real estate developer on Tuesday said it is planning to list three of its subsidiaries on the Dubai Financial Market.