Mideast Stocks: Most Gulf markets up in line with global stocks

Mideast Stocks: Most Gulf markets up in line with global stocks

Most stock markets in the Gulf ended higher on Tuesday, mirroring global equities, with Saudi Arabia extending gains for a fourth consecutive session.

The MSCI All-Country World Index held broadly steady throughout the European morning, up 0.1% at a fresh record high.

Oil prices, a key catalyst for the Gulf region's financial markets, also hit 13-month highs, helped by rising optimism about a pick up in fuel demand.

Saudi Arabia's benchmark index climbed 1%, with Al Rajhi Bank rising 2.9%.

National Commercial Bank (NCB), the country's largest lender, and Samba Financial Group advanced 1.5% and 2.6%, respectively.

Saudi Arabia's Capital Market Authority approved NCB's request to increase its capital to merge with Samba via a securities exchange offer.

The CMA gave the nod for NCB to increase its capital to 44.78 billion riyals ($11.94 billion) from 30 billion riyals, by issuing 1.48 billion ordinary shares.

Dubai's main share index edged up 0.2%, bolstered by a 2.2% rise in its largest lender Emirates NBD and a 1.1% increase in blue-chip developer Emaar Properties.

In Dubai, where a second wave of coronavirus infections threatens to upend a tourism boom, stocks ended four sessions of losses.

The Abu Dhabi the index .ADI closed 0.1% higher, supported by a 0.8% gain in First