MIDEAST STOCKS-Most Gulf markets up in line with global stocks | Nasdaq

MIDEAST STOCKS-Most Gulf markets up in line with global stocks | Nasdaq

Most stock markets in the Gulf ended higher on Tuesday, mirroring global equities, with Saudi Arabia extending gains for a fourth consecutive session.

The MSCI All-Country World Index .MIWD00000PUS held broadly steady throughout the European morning, up 0.1% at a fresh record high.

Oil prices, a key catalyst for the Gulf region's financial markets, also hit 13-month highs, helped by rising optimism about a pick up in fuel demand. O/R

Saudi Arabia's benchmark index .TASI climbed 1%, with Al Rajhi Bank 1120.SE rising 2.9%.

National Commercial Bank (NCB) 1180.SE, the country's largest lender, and Samba Financial Group 1090.SE advanced 1.5% and 2.6%, respectively.

Saudi Arabia's Capital Market Authority approved NCB's request to increase its capital to merge with Samba via a securities exchange offer.

The CMA gave the nod for NCB to increase its capital to 44.78 billion riyals ($11.94 billion) from 30 billion riyals, by issuing 1.48 billion ordinary shares.

Dubai's main share index .TASI edged up 0.2%, bolstered by a 2.2% rise in its largest lender Emirates NBD ENBD.DU and a 1.1% increase in blue-chip developer Emaar Properties EMAR.DU.

In Dubai, where a second wave of coronavirus infections threatens to upend a tourism boom, stocks ended four sessions of losses.

The Abu Dhabi the index .ADI closed 0.1% higher, supported by a 0.8% gain in First Abu Dhabi Bank (FAB) FAB.AD.

FAB, the largest lender in the United Arab Emirates, raised 750 million euros ($907.35 million) through the sale of five-year bonds on Tuesday, its debut euro-denominated issue, a document showed.

In Qatar, the index .QSI, however, closed 0.5% lower, weighed down by a 1.5% fall in Qatar National Bank QNBK.QA and a 0.8% decline in sharia-compliant lender Masraf Al Rayan MARK.QA.

Elsewhere, petrochemical firm Industries Qatar IQCD.QA eased 0.4%, following a drop in full year net profit.