MIDEAST STOCKS-Property shares lift #Dubai as most major Gulf stocks gain | Nasdaq

MIDEAST STOCKS-Property shares lift Dubai as most major Gulf stocks gain | Nasdaq

Most major gulf stock markets rose in early trade on Tuesday, spurred by rising oil prices, with Dubai's index outperforming, buoyed by its property shares.

Oil rose on Tuesday, for the third time in four sessions, on expectations for rising fuel demand as the United States may expand its pandemic aid payments and a final Brexit deal is set to stabilise trade between Europe and Britain.

The Dubai index .DFMGI rose 0.8% as Damac Properties DAMAC.DU jumped 7.5% and Emaar Properties EMAR.DU increased 1.4%.

In Saudi Arabia, the index .TASI gained 0.3%. Al Rajhi Bank 1120.SE was up 0.4%, while the world's fourth largest chemical maker Saudi Basic Industries 2010.SE rose 0.8%

Saudi Telecom 7010.SE, which said it would invest up to $500 million over five years in cloud services in partnership with eWTP Arabia Capital fund and Alibaba Cloud company, increased 0.8%.

Halwani Brothers Company 6001.SE jumped another 7.8% making it the top percentage gainer on the index. The food producer and distributor rose nearly 10% on Monday following a proposal by its board to raise capital through a bonus share issue and to distribute a 1.5 riyal-per-share cash dividend for 2020.

Abu Dhabi's index .ADI was up 0.2% with First Abu Dhabi Bank FAB.AD gaining 0.5% and Emirates Telecommunications Group ETISALAT.AD edged 0.1% higher.

Agthia Group AGTHIA.AD lost 0.2% after its board approved issuance of mandatory convertible bonds to General Holding Company (Senaat) as part of a deal to acquire the world's largest date processing and packaging company Al Foah.

The Qatari index .QSI fell 0.2%, with industrial and financial stocks weighing the most on the index. Industries Qatar IQCD.QA was down 0.5%, while Commercial Bank COMB.QA shed 0.9%.

Ooredoo ORDS.QA lost 0.9% a day after the telecoms company and Hong Kong conglomerate CK Hutchison Holdings 0001.HK said they were exploring a deal to merge their Indonesian units.