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MIDEAST STOCKS-Banks lift Saudi stocks; other major Gulf markets mixed

Credit: REUTERS/FAISAL AL NASSER

Saudi Arabia's stock market rebounded on Monday, led by its banking shares, while other major Gulf stocks were mixed after last week’s oil tanker attacks.

June 17 (Reuters) - Saudi Arabia's stock market rebounded on Monday, led by its banking shares, while other major Gulf stocks were mixed after last week’s oil tanker attacks.

The United States blamed Iran for attacks on two tankers in the Gulf of Oman on Thursday, driving up oil prices and raising fears of a new U.S.-Iranian confrontation. Tehran denied the allegation.

Saudi Crown Prince Mohammed bin Salman on Saturday urged the international community to take a "decisive stand" but said Riyadh does not want a war.

The Saudi index .TASI gained 0.4%. Al Rajhi Bank 1120.SE rose 0.6% and National Commercial Bank 1180.SE gained 0.3% after JP Morgan raised their target prices.

But Saudi British Bank 1060.SE dropped 1%. On Sunday, the bank announced that its merger with Alawwal Bank 1040.SE was completed.

The two have combined to create the country’s third largest bank, becoming a single listed company after regulatory approvals. Alawwal Bank was flat.

Qatar's index .QSI declined 0.3%, led by a 0.9% drop in Industries Qatar IQCD.QA and a 1.3% fall in Barwa Real Estate BRES.QA.

In Dubai, the index .DFMGI edged up 0.1% with telecom operator Emirates Integrated Telecommunications DU.DU adding 1.6%. The company said on Sunday the United Arab Emirates' sovereign wealth fund, Emirates Investment Authority, had increased its stake by buying 463.3 million shares from Mamoura Diversified Global Holding and General Investments.

The Abu Dhabi index .ADI was flat. First Abu Dhabi Bank FAB.AD was up 0.3%.

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King)

((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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