Major Gulf bourses gain as financials lead

FILE PHOTO: A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser

(Reuters) – Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.

Saudi Arabia’s benchmark index .TASI increased 0.6%, with Al Rajhi Bank 1120.SE rising 0.9% and telecoms firm Etihad Etisalat 7020.SE jumping 5.1%.

Dubai’s main share index .DFMGI gained 0.6%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 1% increase in Emirates NBD Bank ENBD.DU.

The Abu Dhabi index .ADI edged up 0.2%, supported by a 0.2% gain in the country’s largest lender First Abu Dhabi Bank FAB.AD.

The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits for domestic workers, the National Emergency Crisis and Disaster Management Authority said in a Twitter post on Monday.

The UAE had suspended in March the issuance of all types of labour permits as part of measures to contain the spread of the novel coronavirus.

In Qatar, the index .QSI added 0.3%, with petrochemical maker Industries Qatar IQCD.QA risingn0.9% and Commercial Bank COMB.QA was up 1.4%.

Reporting by Ateeq Shariff in Bengaluru

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