April 11 (Reuters) - Most major stock markets in the
Gulf rose in early trade on Tuesday, in line with Asian shares
and oil prices, although the Saudi index was on course to extend
losses on profit-taking.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.44%, boosted by investor optimism that
the region's central banks will continue to pause or end
interest rate increase cycles, whatever action the U.S. Federal
Reserve takes.
Dubai's main share index gained 0.6%, with
blue-chip developer Emaar Properties gaining 0.5% and
top lender Emirates NBD was up 0.8%.
Elsewhere, Dubai Electricity and Water Authority advaced 1.2% after shareholders approved distribution of a
one-time special dividend of 3.34 fils per share.
In Abu Dhabi, the index added 0.1%.
Oil prices - a key catalyst for the Gulf's financial markets
- rose on expectations of potential economic stimulus by China,
healthy demand in the rest of Asia and a drop in U.S. crude
stockpiles.
Saudi Arabia's benchmark index , which touched its
peak for the year, fell 0.3%. Al Rajhi Bank dropped
0.8%, while Retal Urban Development Co was down 0.3%.
Among other losers, Saudi Investment Bank retreated 1.8% as the lender traded ex-dividend.
The Qatari index climbed 0.3%, on course to end four
sessions of losses, led by a 0.9% rise in Commercial Bank .
(Reporting by Ateeq Shariff in Bengaluru; Editing by Angus
MacSwan)
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