Most major Gulf markets gained on Sunday, reacting to positive global market sentiment after the United States and China agreed to a trade war truce at the G20 meeting.
The two powers agreed on Saturday to restart trade talks after U.S. President Donald Trump offered concessions including no new tariffs and an easing of restrictions on the Chinese tech company Huawei.
Dubai’s index rose 1.2 per cent, lifted by the largest lender in the emirate, Emirates NBD, rising 4.1 per cent after getting banking regulatory approval to acquire shares in Turkey’s Denizbank from Russia’s Sberbank.
The real estate and construction sector was also up, with market heavyweight Emaar Properties gaining 1.1 per cent, construction firm Arabtec up 1.3 per cent, Emaar Development 0.8 per cent, and Damac Properties 0.7 per cent.
Saudi Arabia’s index inched up 0.3 per cent, lifted by communication services stocks such as telecoms operator Zain Saudi Arabia, which rose 4.2 per cent, and Etihad Etisalat Company, which rose 1.9 per cent.
The Abu Dhabi index shed 0.2 per cent, dragged down by financials.
The exchange announced on Sunday it was reducing its trading commission fees by between 50 per cent and 90 per cent as it seeks to reduce investor costs, increase liquidity and build confidence.
Abu Dhabi Islamic Bank was down 0.9 per cent and First Abu Dhabi Bank, the largest bank in the United Arab Emirates, slipped 0.7 per cent.
Qatar’s index rose 0.1 per cent, with Commercial Bank up 1.7 per cent and Qatar National Bank up 1.0 per cent.
Kuwait’s index was up 0.3 per cent, continuing its gains days after MSCI said it would upgrade Kuwaiti equities to its main emerging markets index in 2020.
The Egyptian stock exchange was closed for a holiday.
SAUDI The index rose 0.3 per cent to 8,822 points ARABIA ABU DHABI The index inched down 0.2 per cent to 4,980
points DUBAI The index rose 1.2 per cent to 2,659 points QATAR The index was up 0.1 per cent at 10,456 points EGYPT The market was closed BAHRAIN The index was up 0.2 per cent at 1,471 points OMAN The index fell 0.2 per cent to 3,885 points KUWAIT The index rose 0.3 per cent to 6,377 points