Major Gulf markets steady, financials support #Dubai | Reuters

Major Gulf markets steady, financials support Dubai | Reuters

Major stock markets in Gulf were steady early on Wednesday in the absence of fresh factors to drive trade, with financial shares supporting the Dubai index.

In Dubai, the main share index rose 0.3%, with top lender Emirates NBD gaining 1.3% and Dubai Islamic Bank up 0.2%.

The latter, a sharia-compliant lender, launched a $500 million sale of Additional Tier 1 sukuk at 3.375% on Tuesday, setting a record low rate for the perpetual debt instrument out of the Gulf.

The Abu Dhabi index edged up 0.1%, helped by a 0.4% rise in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

In Qatar, the index gained 0.2%, on track to end two sessions of losses, with market heavyweight Industries Qatar rising 0.9%.

Saudi Arabia’s benchmark index, traded flat.