MIDEAST STOCKS-Most major Gulf indexes rebound on global rally; #Qatar slips | Nasdaq

MIDEAST STOCKS-Most major Gulf indexes rebound on global rally; Qatar slips | Nasdaq

Most Gulf stock markets rose in early trade on Thursday, tracking global markets, after the U.S. Federal Reserve committed to maintaining accommodative monetary policy and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.

Saudi's benchmark stock index .TASI rebounded 1%, buoyed by a 0.6% gain in Saudi Arabia Mining company 1211.SE and a 0.3% increase in oil company Saudi Aramco 2222.SE before its financial result for year ending on March 21.

In Dubai, the index .DFMGI was up 0.5%, supported by a 1.2% rise in top lender Emirates NBD ENBD.DU and a 0.8% gain in blue-chip developer Emaar Properties EMAR.DU.

The Abu Dhabi index .ADI was up 0.4%, with telecoms company Etisalat ETISALAT.AD increasing 1.2%.

Etisalat's shareholders approved a dividend of 40 fils per share for the second half of 2020 and a one-time special dividend of 40 fils per share.

Shareholders also approved 49% ownership of non-UAE nationals, up from 20% earlier.

However, the Qatari index .QSI retreated 0.1%, pressured by a 3.9% fall in Qatar International Islamic Bank QIIB.QA, as the stock went ex-dividend.