MIDEAST STOCKS- #Dubai leads most Gulf markets higher; #Saudi eases | Nasdaq

MIDEAST STOCKS-Dubai leads most Gulf markets higher; Saudi eases | Nasdaq

Most stock markets in the Gulf ended higher on Wednesday, with Dubai leading gains boosted by its top lender Emirates NBD, while Saudi bucked the trend to close lower.

Dubai's main share index .DFMGI advanced 1.4%, with Emirates NBD ENBD.DU jumping 4.4% and sharia-compliant lender Dubai Islamic Bank DISB.DU up 0.8%.

Emirates NBD recorded a more 20% increase in the number and value of fund transfers via its DirectRemit platform in 2020 compared to the previous year.

Property stocks also drove gains, with blue-chip developer Emaar Properties EMAR.DU ending 1% higher.

In Abu Dhabi, the index .ADI added 0.3%, with Aldar Properties ALDAR.AD surging 8.1% in its biggest intraday gain since October.

On Wednesday, the Abu Dhabi Executive Council approved a framework between the Abu Dhabi Government and Aldar Properties for development of capital projects in the emirate.

The framework includes Aldar taking on the management of 30 billion dirhams ($8.17 billion) worth of major projects.

The index's gains, however, were limited by losses at telecoms firm Etisalat ETISALAT.AD, which closed 3.2% lower.

Etisalat had posted its best day in nearly six years on Tuesday as the company called a board meeting for Wednesday to discuss increasing the foreign ownership limit in the firm.

Qatar's main index .QSI gained 0.3%, led by a 3.3% jump in market heavyweight Industries Qatar IQCD.QA.

Elsewhere, Saudi Arabia's benchmark index .TASI fell 0.3%, hit by a 1.4% fall Saudi Telecom Company 7010.SE and a 0.3% drop in Al Rajhi Bank 1120.SE.