Major stock exchanges in the Middle East rose on Tuesday, in line with Asian peers, driven by China’s decision to ease some quarantine rules for international arrivals.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.5%, having spent most of the day in negative territory.
China will halve to seven days its COVID-19 quarantine period for visitors from overseas, with a further three days spent at home, health authorities said.
In Abu Dhabi, the index rose 0.5%, with the country’s biggest lender First Abu Dhabi Bank gaining 0.9%, while Alpha Dhabi Holding advanced as much as 3.2% after increasing stake in Aldar Properties, becoming the single-largest shareholder.
Shares of Aldar Properties were up 3.2%. Dubai’s main share index edged up 0.2%, helped by a 1% increase in blue-chip developer Emaar Properties.
Dubai business park operator TECOM Group said on Monday it had raised 1.7 billion dirhams ($462.87 million) from investors via its initial public offering.
Saudi Arabia’s benchmark index rose 0.4%, supported by a 0.8% rise in Saudi National Bank and a 0.4% increase in oil giant Saudi Aramco.
Industrial investment firm Bawan surged 8.7%, its biggest intraday gain in nearly two years, after the company announced its intention to purchase up to 3 million treasury shares.
Most Gulf indexes in black as inflation fears ease
Oil prices, a key catalyst for the Gulf’s financial markets, rallied for a third session as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly, while political unrest in Libya and Ecuador added to supply concerns.
In Qatar, the index gained 0.5%, with petrochemical maker Industries Qatar rising 1.6%, and Commercial Bank adding 1.3%.