Major Gulf markets log weekly gains; Qatar leads day’s gains

DUBAI:- Major Gulf shares ended the first trading week of the New Year on a high on Thursday and registered weekly gains as the regional markets benefited from a rise in oil prices.

Crude hit its highest since late February after a fall in US stockpiles added further support following Saudi Arabia’s unilateral decision to cut output.

The week also saw investors cheer the breakthrough in Qatar’s over three-year diplomatic rift with Saudi Arabia and other Gulf countries as Arab leaders gathered for a summit focused on ending a long-running dispute with Doha.

Qatar’s index closed 0.9% higher, with petrochemical company Industries Qatar gaining more than 2% in the session.

The Gulf’s biggest lender Qatar National Bank concluded the week with a 1.4% gain. The benchmark firmed 2.3% for the week.

QNB Financial Services Research said in a note that Qatari companies including banks are forecast to get a boost from a deal to end Doha’s row with Gulf states.

Dubai’s blue-chip index finished 0.8% higher, with the benchmark gaining in four of the five sessions in the week to post a weekly gain of 5.4%.

Dubai’s biggest bank Emirates NBD strengthened 0.9%, while the emirate’s largest listed developer Emaar Properties added 1%.

The Emirate of Dubai unveiled its fifth stimulus package, worth 315 million dirhams ($86 million), on Wednesday to counter the economic impact of the COVID-19 pandemic.

The Abu Dhabi index closed Thursday’s session 0.7% higher for a weekly gain of 2.4%.

First Abu Dhabi Bank was the best performer on the benchmark, gaining 1.8%. The United Arab Emirates’ largest lender sold sukuk, or Islamic bonds, worth $500 million on Thursday, as Gulf issuers start tapping debt investors in what is likely to be another record year for regional bonds.

Real estate stock RAK Properties tacked on nearly 6%. Saudi Arabia’s benchmark index firmed 0.8%, driven mainly by a 1.4% gain in the world’s fourth-largest chemical company Saudi Basic Industries and a 1.2% rise in Al-Rajhi Bank.

Egypt’s market was closed for a holiday.