MIDEAST STOCKS Major Gulf indexes rise, Aramco hits $2 trillion valuation | Reuters
Major Gulf stock markets tracked Asian shares higher on Thursday, with banks leading gains and oil giant Saudi Aramco hitting a $2 trillion valuation.
Asian shares rose, supported by a possible easing in U.S.-China tensions and weaker energy prices, as oil edged down from multi-year highs. read more
A rally in oil prices had been a major contributor to a selloff in equities this week.
Saudi Arabia's benchmark index (.TASI) added 0.4%, with Al Rajhi Bank (1120.SE) rising 0.9% and petrochemical maker Saudi Basic Industries (2010.SE) gaining 0.8%.
Top oil exporter Aramco (2222.SE) rose over 1%, fetching a market value of $2 trillion, a mark it had hit in the previous sessin as well as a day after its Riyadh initial public offering in December 2019.
In Abu Dhabi, the index (.ADI) gained 0.6%, bolstered by a 1.2% rise in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 0.6% increase in telecoms firm Etisalat (ETISALAT.AD).
Dubai's main share index (.DFMGI) advanced 0.8%, with Emirates NBD Bank (ENBD.DU) climbing 1.2% and blue-chip developer Emaar Properties (EMAR.DU).
The United Arab Emirates locked in $4 billion with its debt capital markets debut on Wednesday, after orders for its three-tranche bond deal topped $22.5 billion, bank documents showed. read more
Issuers in the Gulf have continued to tap debt markets despite recent volatility, seeking to lock in cheap funds before the U.S. Federal Reserve is expected to begin tapering its bond-buying programme this year.
Elsewhere, the Qatari index (.QSI) traded flat.
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