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MIDEAST STOCKS-Most Gulf markets rise; Industries Qatar boosts Qatar index

Credit: REUTERS/STRINGER

Aug 24 (Reuters) - Major stock markets in the Gulf region rose in early trade on Monday, with the Qatari index boosted by gains in shares of Industries Qatar IQCD.QA after the petrochemicals firm bought a stake in Qatar Fertiliser Co (QAFCO).

Saudi Arabia's benchmark index .TASI firmed 0.2%, with oil giant Saudi Aramco 2222.SE gaining 0.3%, while Al Rajhi Bank 1120.SE was up 0.2%.

Aramco said on Sunday it was setting up a new corporate development organisation to oversee the company's assets and secure greater access to growth markets and technologies.

Qatar's index .QSI added 0.8%, as Industries Qatar surged 6.5%, reaching its highest level since May, after the petrochemical maker bought Qatar Petroleum's 25% stake in QAFCO for $1 billion.

In Dubai, which traded after a session's break, the index .DFMGI gained 1.1%, with blue-chip developer Emaar Properties EMAR.DU rising 2.4% and Emirates NBD ENBD.DU adding 1.4%.

The Abu Dhabi index .ADI was up 0.3%, helped by a 0.2% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.

Waha Capital WAHA.AD rose 1.2%, after the investment firm announced on Sunday an investment of 184 million dirhams ($50.10 million) in Despegar.com DESP.BA, an online travel company in Latin America.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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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