MIDEAST STOCKS #Saudi shares gain as major Gulf markets ease | Reuters

MIDEAST STOCKS Saudi shares gain as major Gulf markets ease | Reuters

Saudi Arabia's stock market traded higher on Wednesday, on track to extend gains for a fifth session, while other major Gulf markets were subdued in early trade.

The kingdom's benchmark index (.TASI) gained 0.7%, buoyed by a 0.9% gain in Al Rajhi Bank (1120.SE) and a 1.5% rise in petrochemical maker Saudi Basic Industries. (2010.SE)

Among others, Rabigh Refining and Petrochemical Company (2380.SE) surged 10%, after the firm posted quarterly net profit.

Saudi Arabia's Crown Prince Mohammed bin Salman said in televised remarks on Tuesday that the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax to 15% was temporary. read more

The country had tripled VAT to offset the impact of lower oil revenue on state finances in a move that had shocked citizens and businesses expecting more support from the government during the coronavirus pandemic.

Oil behemoth Saudi Aramco (2222.SE) increased 0.4%. In the televised remarks, the crown prince said the kingdom was in discussions to sell 1% of Aramco to a leading global energy company. read more

In Dubai, the main share index (.DFMGI) fell 0.6%, with its largest lender Emirates NBD (ENBD.DU) losing 1.2%, while sharia-compliant lender Dubai Islamic Bank (DISB.DU) was down 0.7%.

The Abu Dhabi index (.ADI) lost 0.4%, hit by a 0.5% decrease in First Abu Dhabi Bank (FAB.AD), the country's largest lender.

In Qatar, the benchmark (.QSI) eased 0.2%, with market heavyweight Industries Qatar (IQCD.QA) retreating 1%.