Mideast Stocks: Most shares rise; Dubai index shines on property boost

SourceZawya
SectorFinancial Markets
CountryUnited Arab Emirates

Major stock markets in the Gulf region rose in early trade on Wednesday, with Dubai shares leading the gains, buoyed by a jump in property shares.Saudi Arabia's benchmark index rose 0.4%, led by a 2.2% gain in Saudi Telecom Company and a 1.1% increase in Saudi Basic Industries.Saudi Chemical Company extended gains and soared 9.9%. The stock had gained 10% on Tuesday to become the top gainer on the index, after the chemicals firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide coronavirus vaccine in the kingdom. Leading gains in the region, Dubai's main stock index gained 0.8%, with blue-chip developer Emaar Properties rising 2.1% and its unit Emaar Malls trading 4.7% higher.Emirates Integrated Telecommunications extended gains, rising 1.7%. On Tuesday, the telecoms firm said ...read more...