MIDEAST STOCKS Major Gulf markets gain, #Qatar set to snap 4-day losing streak | Reuters

MIDEAST STOCKS Major Gulf markets gain, Qatar set to snap 4-day losing streak | Reuters

Major stock markets in the Gulf rose in early trade on Tuesday, with the Qatari index marking a gain after four straight sessions of losses.

Saudi Arabia's benchmark index (.TASI) added 0.6%, led by a 0.8% rise in Al Rajhi Bank (1120.SE) and a 3% leap in Riyad Bank (1010.SE).

Saudi Arabia, the world's largest oil exporter, is facing a sharp recession because of the coronavirus crisis and depleted oil revenues.

In Qatar, the index (.QSI) rose 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 3.3%.

Earlier in May, the Gulf state had decided to gradually lift coronavirus-related measures in four phases, starting May 28 and ending on July 30. read more

Dubai's main share index (.DFMGI) edged up 0.1%, helped by a 0.4% increase in top lender Emirates NBD (ENBD.DU) and a 1.5% increase in Emirates Integrated Telecommunications (DU.DU).

Elsewhere, Deyaar Development (DEYR.DU) advanced 4.1%. On Sunday, the developer announced that its third and fourth phases of it Midtown project are on track, expects completion before schedule.

However, Dubai Islamic Bank (DISB.DU) lost 0.2% as the country's largest sharia-compliant lender traded ex-dividend.

In Abu Dhabi, the index (.ADI) added 0.3%, with aquaculture firm International Holding (IHC.AD) rising 1%.