Mideast stocks: #Qatar leads major markets higher after progress on Gulf rift | Reuters

Mideast stocks: Qatar leads major markets higher after progress on Gulf rift | Reuters

Major stock markets in the Gulf traded higher early on Sunday, with Qatar’s index leading the gains following a report that a resolution to a dispute with some of the country’s Arab neighbours seemed “within reach”.

In Qatar, the main index advanced 1.7% with all the shares in the index were in positive territory including Qatar National Bank, the Gulf’s largest lender, which was up 1.6%.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism.

Qatar denies the charges and says the embargo aims to undermine its sovereignty.

Dubai’s main share index gained 1.4%, buoyed by 4.4% jump in blue-chip developer Emaar Properties.

The Abu Dhabi index rose 0.8%, led by a 1.6% gain in the country’s largest lender First Abu Dhabi Bank.

Markets in the United Arab Emirates were open after a three-session break.

Saudi Arabia’s benchmark index edged up 0.3%, on track to end three sessions of losses, with Al Rajhi Bank rising 0.4%.