MIDEAST STOCKS- #Dubai leads gains in Gulf as financial shares rise | Nasdaq

MIDEAST STOCKS-Dubai leads gains in Gulf as financial shares rise | Nasdaq:

Most stock markets in the Gulf ended higher on Wednesday, with Dubai leading the gains on back of Emirates NBD Bank.

Saudi Arabia's benchmark index .TASI edged up 0.2%, with Saudi Kayan Petrochemical Company 2350.SE rising 6.8% and Saudi Arabian Mining Company 1211.SE was up 2.6%.

The index's gains, however, were capped by losses at oil behemoth Saudi Aramco 2222.SE, which declined 0.8%.

Rosneft and Saudi Aramco are unlikely to bid in the privatisation of Indian refiner Bharat Petroleum Corp BPCL.NS, Reuters reported on Wednesday, citing sources familiar with the matter, as low oil prices and weak demand curb their investment plans.

Dubai's main share index .DFMGI climbed 0.9%, with Emirates NBD Bank ENBD.DU leaping 3.4% logistic firm Aramex ARMX.DU.

The Dubai Financial Market DFM.DU said on Tuesday it plans to launch an equity derivatives platform as part of its diversification strategy.

The contracts include Emirates NBD Bank along with others.

The Abu Dhabi index .ADI closed up 0.5%, helped by a 0.5% gain in First Abu Dhabi Bank (FAB) FAB.AD and a 0.7% increase in telecoms firm Etisalat ETISALAT.AD.

FAB, the United Arab Emirates' largest lender, issued a $750 million benchmark additional tier 1 perpetual 6-year bond.
In Qatar, the index .QSI increased 0.8%, driven by a 2.7% increase in Qatar Islamic Bank QISB.QA and a 1.1% rise in Qatar National Bank QNBK.QA.
Back in the UAE, Abu Dhabi National Oil Company for Distribution ADNOCDIST.AD advanced 2% after approving payment of an interim cash dividend of 10.285 fils per share for the first six months of 2020.
Kuwait was closed following the death of its Emir Sheikh Sabah al-Ahmad al-Sabah.