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By Shakeel Ahmed and Maqsood Alam
(Reuters) – The Gulf stock markets recovered from their losses on Wednesday after fears of a new global trade war subsided after Beijing intervened to stabilize the yuan and Washington refuted its concerns over a trade war long term with China.
The financial sector led the recovery. The Abu Dhabi and Qatar indices suffered losses six consecutive sessions, while Saudi Arabia and Dubai fell in the previous five and four sessions respectively, due to concerns over the trade dispute between the two most recent major economies of the world.
The main index of Saudi Arabia closed up 1.1%, with Riyadh Bank up 4.4% and Al Rajhi Bank up 1.1%.
Some significant gains made by insurers have boosted the gains of the index. United Cooperative Insurance jumped 6% after more than doubling its profit before Zakat in the second quarter, while Gulf General Insurance, which became profitable during the same period, gained 7.9%.
The Dubai index rose 1.2%, that of Dubai Islamic Bank by 2% and that of the Emirates NBD by 1.8%.
The Qatar index rose 1.2%. Qatar Islamic Bank grew 1.7%, while Qatar Gas Transport increased 4.1%.
In Abu Dhabi, the index rose 0.7%, with First Abu Dhabi Bank up 0.5% and the Etisalat group up 2%.
Outside the Gulf, the main Egyptian stock index closed up 1.7%. Kuwaiti Egyptian participation jumped 6.9%. The company obtained regulatory approval Tuesday to allocate land to agricultural projects to provide raw material for its planned plant for compressed wood.
The closing levels of the equity markets in the Middle East are as follows:
* Saudi Arabia rose 1.1% to 8,483 points.
* Abu Dhabi: The index rose 0.7% to 5,119 points.
* Dubai: The index rose 1.2% to 2,831 points.
* Qatar: The index rose 1.2% to 9898 points.
* Egypt: The index rose 1.7% to 13,881 points.
* Bahrain: the index fell 0.1% to 1,544 points.
* Oman: The index rose 0.9% to 3,839 points.
* Bahrain: The index rose 0.6% to 6744 points.
(USD = 3.7508 Saudi Riyals)
(Reuters)
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