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MIDEAST STOCKS-Most Middle Eastern stocks gain in line with global equities

Credit: REUTERS/JUMANA EL HELOUEH

Most Middle Eastern stocks ended higher on Monday, reflecting positive global market sentiment cheered by a slowdown in coronavirus-related deaths and new cases.

By Ateeq Shariff

April 6 (Reuters) - Most Middle Eastern stocks ended higher on Monday, reflecting positive global market sentiment cheered by a slowdown in coronavirus-related deaths and new cases.

Saudi Arabia's benchmark index .DFMGI gained 1.6%, with Al Rajhi Bank 1120.SE rising 1.3% and oil giant Saudi Aramco 2222.SE increasing 1.4%.

The kingdom and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian oil negotiator said on Monday.

Kremlin spokesman Dmitry Peskov said Moscow was ready to coordinate with other oil exporting countries to help stabilise the market, and that an OPEC+ meeting to discuss output cuts had been delayed for technical reasons.

Qatar's index .QSI advanced 2.6%, with all the stocks on the index ending higher including Qatar International Islamic Bank QIIB.QA, which jumped 5.3%.

In Dubai, the index .DFMGI closed up 0.6%, helped by a 4.7% leap in blue-chip developer Emaar Properties EMAR.DU.

The group sold an 80% stake in its cooling business in the prime Dubai Downtown area to National Central Cooling Co (TABREED) TABR.DU for 2.48 billion dirhams ($675.2 million), the companies said on Monday. Tabreed was up 1%.

However, the index's gains were capped by losses at Dubai Islamic Bank (DIB) DISB.DU, which sank 4.7% a day after the sharia-compliant lender said it has a $425 million exposure to troubled NMC Health NMC.L, and its subsidiary Noor Bank a further $116 million.

The Abu Dhabi index .ADI rose 1.3%, boosted by a 3.5% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.

Abu Dhabi Commercial Bank (ADCB) ADCB.AD, which has a $981 million exposure to NMC Health, slid 5%.

Outside the Gulf, Egypt's blue-chip index .EGX30 closed up 1%, with Commercial International Bank COMI.CA rising 2.1%.

Stock exchange data showed that Egyptian investors were net buyers of the stocks.

SAUDI ARABIA

.TASI rose 1.6% to 6,861 points

ABU DHABI

.ADI gained 1.3% to 3,723 points

DUBAI

.DFMGI added 0.6% to 1,692 points

QATAR

.QSI advanced 2.6% to 8,707 points

EGYPT

.EGX30 increased 1% to 9,445 points

BAHRAIN

.BAX lost 0.9% to 1,310 points

OMAN

.MSI was up 0.5% at 3,401 points

KUWAIT

.BKP edged up 0.3% to 5,076 points

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan Harvey)

((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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