Mideast Stocks: Most Gulf markets gain; Saudi bourse slips

SectorFinancial Markets

Most Middle Eastern markets ended higher on Wednesday, with Bahrain outperforming the region, while bank stocks weighed on the Saudi index.Saudi Arabia's benchmark index slipped 0.1% and snapped a four-session winning streak, weighed by Al Rajhi Bank's 0.4% fall and Riyad Bank's  1.3% tumble.Saudi Arabia's largest telecoms operator Saudi Telecom Company (STC) gained 1% as STC has asked banks to pitch for roles in a potential public offering of its products and services development arm, Reuters reported, citing sources. Saudi Chemical Company surged 9.9%, extending gains from the previous session, when the chemicals firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide a coronavirus vaccine in the kingdom. Dubai's main share index rose 0.4%, supported by a 2.1% gain in blue-chip developer Emaar Properties and a 3.4% ...read more...