MIDEAST STOCKS Saudi Arabia Leads Major Gulf Stock Exchanges Higher in Early Trading

July 25 (Reuters) – Major Gulf stock markets rose on Sunday, as stock markets reopened after a long Eid hiatus, with financial and petrochemical stocks raising the Saudi index.

While on vacation in the Gulf, traders typically cash in stocks and are generally cautious of any development in global markets while their exchanges are closed.

Saudi Arabia’s benchmark index (.TASI) rose 1.1%, with Al Rajhi Bank (1120.SE) up 2% and petrochemical maker Saudi Basic Industries (2010.SE) taking 1.3%.

Elsewhere, Yanbu National Petrochemicals Company (2290.SE) climbed 1.8%, after announcing the completion of all required maintenance work and the resumption of operations at the company’s factories.

Dubai’s main stock index (.DFMGI) gained 0.8%, led by a 1.9% rise in Emirates NBD Bank (ENBD.DU) and a 1% increase in leading developer Emaar Properties ( EMAR.DU).

In Abu Dhabi, the index (.ADI) rose 0.7%, supported by a 0.6% gain from the country’s largest lender, First Abu Dhabi Bank (FAB.AD).

Among others, Dana Gas (DANA.AD) jumped 2.7%, after the energy company won an arbitration on the sale of Egyptian assets.

In April, Dana Gas said that IPR Wastani Petroleum Ltd, a member of the IPR Energy group, sought arbitration after Dana Gas canceled a sale of oil and gas assets in Egypt. Read more

The Qatari benchmark (.QSI) rose 1%, with nearly all stocks in the index in positive territory, including Qatar National Bank (QNBK.QA), the Gulf’s largest lender, which has increased by 1.4%.

($ 1 = 3.7507 riyals)

Reporting by Ateeq Shariff in Bangalore; Editing by Alison Williams

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