Tuesday, June 22, 2021

Mideast Stocks: Dubai leads as big Gulf markets gain on stimulus pledges

Major Gulf stock markets traded higher on Monday, with Dubai’s main share index on track to end two sessions of losses with a 0.8% increase, buoyed by a 2.6% rise in Emirates NBD and a 1.3% lift in Emaar Properties.

The United Arab Emirates has approved a public debt strategy aimed at developing its market for local currency bonds, the UAE’s vice president said on Sunday. 

“The goal is to build a bond market in the local currency … and stimulate the country’s financial and banking sector,” UAE Vice President and the ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum said on Twitter.

Abu Dhabi’s stock index edged up 0.3%, supported by a 1.1% gain in telecoms firm Etisalat, while Saudi Arabia’s benchmark index added 0.3%, with Al Rajhi Bank and petrochemical firm Saudi Basic Industries rising 0.3% and 0.7%, respectively.

Saudi Arabia’s Public Investment Fund plans to double its assets to 4 trillion riyals ($1.07 trillion) by 2025, Prince Mohammed bin Salman said on Sunday, a move that would make it one of the world’s biggest sovereign wealth funds. 

The fund plans to inject at least 150 billion riyals a year into the domestic economy until 2025, he added.

The Qatari index rose 0.1%, helped by a 0.8% gain in the shares of sharia-compliant lender Masraf Al Rayan.

($1 = 3.7511 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander Smith) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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