Saudi, Dubai lead Gulf market gains after holiday break

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Gulf markets rose early on Sunday, resuming trade after holidays most of last week to celebrate the end of the Muslim fasting month, with investors taking cue from gains in global markets on Friday.

Major world stock indexes jumped and US Treasury yields tumbled on Friday after a slowdown in job growth fueled hopes of a US interest rate cut, while there were hints of progress in Washington’s trade battles.

The Saudi index jumped 0.6 percent as investors piled into key blue-chip stocks. Al Rajhi Bank was up one percent, Saudi Telecom rose 1.4 percent and Saudi Basic Industries gained 0.9 percent.

Dubai index rose 0.3 percent, helped by strong gains in property stocks. DAMAC Properties was up 0.6 percent and Union Properties rose 3.7 percent. Market heavyweight Emaar Properties also climbed 0.5 percent.

“Sentiment is up across the board on global markets amid expectations of a US rate cut,” said a trader in Dubai.

Abu Dhabi index rose 0.2 percent, helped by a 1.8 percent rise in Abu Dhabi Islamic Bank and a 0.5 percenrt gain in Emirates Telecommunications Group or Etisalat.

Qatar’s index was flat on profit-taking after strong gains prior to the Eid holidays. The index closed 1.5 percent higher on June 3, a day before the Qatari market closed for holidays.

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