Mideast Stocks: Major Gulf markets gain as financial shares rise

Mideast Stocks: Major Gulf markets gain as financial shares rise

Major stock markets in the Gulf rose in early trade on Thursday, mostly on back of financial shares, with broad-based gains pushing Qatari shares higher.Saudi Arabia's benchmark index rose 0.4%, led by a 1.1% gain in Saudi Telecom Company and a 2.5% increase in Yanbu National Petrochemicals Company.On Wednesday, the kingdom's finance minister said Saudi Arabia's economy was likely to contract this year, but less sharply than International Monetary Fund forecasts. The IMF expects Saudi Arabia's economy to shrink by 6.8% this year, a forecast that Saudi officials previously said was more pessimistic than their own projections.Dubai's main share index edged up 0.2%, with Emirates NBD Bank rising 0.5% and blue-chip developer Emaar Properties up 0.3%.The Abu Dhabi index added 0.3%, helped by a 0.2% gain in the country's largest