MIDEAST STOCKS- #Dubai leads major Gulf markets higher | Nasdaq

MIDEAST STOCKS-Dubai leads major Gulf markets higher | Nasdaq

Major stock markets in the Gulf rose in early trade on Monday, with indexes in the United Arab Emirates leading the gains on the back of their financial and property shares.

Dubai's main share index .DFMGI advanced 1.9%, with blue-chip developer Emaar Properties EMAR.DU jumping 3.8% and sharia-compliant lender Dubai Islamic Bank DISB.DU rising 2.4%.

Dubai's house prices are expected to fall at a slower pace this year and next than previously thought as hopes for a successful vaccine rollout and an economic recovery boost confidence in the sector, a Reuters poll showed.

The UAE ranks second globally on vaccine rollout per head of population.

In Abu Dhabi, the index .ADI gained 1.1%, led by a 1.2% increase in the UAE's largest lender, First Abu Dhabi Bank FAB.AD.

Elsewhere, Abu Dhabi Commercial Bank ADCB.AD added 0.8%, despite reporting a lower 2020 profit of 3.81 billion dirhams ($1.04 billion), down from 5.24 billion dirhams a year earlier.

However, it beat analysts' mean net profit estimate of 3.46 billion dirhams, according to Refinitiv data.

On Sunday, the UAE recorded 2,948 new COVID-19 infections, down from a peak of 3,966 last week, and reported 12 deaths for the second day in a row.

Saudi Arabia's benchmark index .TASI was up 0.1%, with Banque Saudi Fransi 1050.SE and SABIC Agri-Nutrients Co 2020.SE rising 1.7% and 2.7%, respectively.

Meanwhile, the kingdom's health minister said on Sunday that complacency around coronavirus restrictions had led to a notable increase in daily cases.

In Qatar, the index .QSI edged up 0.1%, supported by a 0.9% gain in Qatar Islamic Bank QISB.QA.