Masraf Al Rayan , the sharia-compliant lender, added 2.1%, while Qatar Gas Transport Nakilat was up 2.9%. (Reporting by Shamsuddin Mohd in Bengaluru; Editing by Dhanya Ann Thoppil)
March 28 (Reuters) - Most Gulf stock indexes rose in
early trading on Tuesday, led by the gains in banking shares as
worries of banking contagion eased and demand recovery in China
improved investors' sentiment.
Oil prices - a major driver for Gulf economies - retreated
on Tuesday after rallying in the previous session, with Brent
crude futures falling 19 cents to $77.93 a barrel by
0651 GMT.
The prices are likely to draw support from indications of
demand recovery as China's crude imports are expected to rise
6.2% to 540 million tonnes in 2023, according to an annual
forecast by a research unit of China National Petroleum Corp on
Monday.
Saudi Arabia's benchmark stock index added 0.6%, led
by banking stocks, with Riyad Bank advancing 1.2% and
Bank AlJazira gaining 0.7%.
State oil giant and index heavyweight Saudi Aramco was also up 0.5%.
Dubai's main share index advanced 1.1%, snapping a
three-day losing streak, lifted by solid gains in banking and
property stocks.
Emirates NBD Bank , Dubai's largest lender, climbed
1.6%, while blue-chip developer Emaar Properties was
up 1.5%.
In Abu Dhabi, the benchmark index edged up 0.3%
after three consecutive sessions of declines, led by a 1.7%
boost in UAE's largest lender First Abu Dhabi Bank and
a 2.5% jump in Abu Dhabi Commercial Bank .
The benchmark stock index in Qatar also gained 0.8%,
with all the constituent stocks trading higher, led by financial
and energy shares.
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