Most major Gulf markets gained on Sunday, reacting to positive global market sentiment after the United States and China agreed to a trade war truce at the G20 meeting. The two powers agreed on Saturday to restart trade talks after US President Donald Trump offered concessions including no new tariffs and an easing of restrictions on the Chinese tech company Huawei.
Dubai's index rose 1.2%, lifted by the largest lender in the emirate, Emirates NBD, rising 4.1% after getting banking regulatory approval to acquire shares in Turkey's Denizbank from Russia's Sberbank. The real estate and construction sector was also up, with market heavyweight Emaar Properties gaining 1.1%, construction firm Arabtec up 1.3%, Emaar Development 0.8%, and Damac Properties 0.7%.
Saudi Arabia's index inched up 0.3%, lifted by communication services stocks such as telecoms operator Zain Saudi Arabia, which rose 4.2%, and Etihad Etisalat Company, which rose 1.9%.
The Abu Dhabi index shed 0.2%, dragged down by financials. The exchange announced on Sunday it was reducing its trading commission fees by between 50% and 90% as it seeks to reduce investor costs, increase liquidity and build confidence. Abu Dhabi Islamic Bank was down 0.9% and First Abu Dhabi Bank, the largest bank in the United Arab Emirates, slipped 0.7%.
Qatar's index rose 0.1%, with Commercial Bank up 1.7% and Qatar National Bank up 1.0%. Kuwait's index was up 0.3%, continuing its gains days after MSCI said it would upgrade Kuwaiti equities to its main emerging markets index in 2020. The Egyptian stock exchange was closed for a holiday.
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