#Saudi outperforms Gulf markets, while #UAE shares were subdued | Reuters

Saudi outperforms Gulf markets, while UAE shares were subdued | Reuters:

Saudi Arabia’s stock market ended higher on Tuesday, boosted by gains in the banking sector, while shares in the United Arab Emirates were subdued amid a spike in new coronavirus cases.

Saudi Arabia's benchmark index .TASI advanced 1.4%, with Al Rajhi Bank 1120.SE rising 1.7% and Savola Group 2050.SE jumping 4.9%.

The kingdom’s non-oil private sector returned to growth in September for the first time in seven months, a survey showed on Monday, amid stronger demand after a loosening of lockdown measures imposed to stem the spread of the coronavirus.

In Qatar, the index .QSI closed up 0.6%, with petrochemical maker Industries Qatar IQCD.QA rising 1.7%, while Qatar National Bank QNBK.QA (QNB) firmed 0.9%.

QNB, the Gulf’s biggest lender, plans to raise a $3.5 billion loan with a group of banks, Reuters reported on Tuesday, citing four sources familiar with the matter.

Dubai's main share index .DFMGI gave up early gains to close flat, with Emirates NBD Bank ENBD.DU rising 1%.

The Abu Dhabi index .ADI eased 0.1%, hurt by a 1.1% fall in Abu Dhabi Commercial Bank ADCB.AD and 0.2% decrease in the country's largest lender First Abu Dhabi Bank FAB.AD.
The United Arab Emirates, with a population of around 9.9 million people, surpassed 100,000 recorded cases of COVID-19 infections on Tuesday.
The UAE, whose tally stands at 100,794 infections and 421 deaths, has seen the number of daily new cases surge over the past two months to a high of 1,231 cases on Saturday from 164 on Aug. 3.