Qatar Stock Exchange leads the major Gulf markets higher


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DUBAI – Reuters: Most of the major stock exchanges in the Gulf region closed higher on Thursday, while Qatar recorded a performance outperforming other markets, as most of the shares listed on the stock market index rose.
In Qatar, the stock market index closed up 1 percent, led by a 3.4 percent jump for “Industries Qatar” and a 1.2 percent rise for “Qatar National Bank”. The main Saudi index rose 0.6 percent, with the Saudi Basic Industries Corporation “SABIC” rising 3.5 percent, and the National Commercial Bank, the country’s largest bank, rising 1.3 percent.
Bin Dawood Holding Group, owner of a retail chain, said yesterday that it had set a pricing for its initial public offering at 96 riyals ($ 25.59) per share.
The company’s statement stated that at this price, the company’s market capitalization at listing is expected to reach 10.97 billion riyals.
Dubai’s main index rose 0.1 percent, and Dubai Islamic Bank rose 1.2 percent, while Air Arabia advanced 1.9 percent, ending four-session losses.
On Tuesday, the low-cost airline announced free coverage for Covid-19 for all passengers traveling on its flights, which includes medical and quarantine costs.
The Abu Dhabi Stock Exchange index rose 0.4 percent, supported by a 0.5 percent gain for First Abu Dhabi Bank, the country’s largest bank, and a 0.25 percent rise in Emirates’ Etisalat.
Reuters reported, quoting a representative of an Emirati company, that the company is nearing the end of the third phase of clinical trials of a Chinese vaccine for Covid-19 and hopes to manufacture it next year.
The experiment, which began in mid-July, is a partnership between the Chinese “National Biotech” group, a subsidiary of Sinopharma, and the Abu Dhabi-based G42 specializing in artificial intelligence and cloud computing. The Egyptian Stock Exchange was closed for a public holiday. The following are the closing levels of the Arab stock market indices yesterday:
Saudi Arabia The index rose 0.6 percent to 8,413 points. The Abu Dhabi index rose 0.4 percent to 4,513 points. The Dubai index also rose 0.1 percent to 2,214 points. The Qatari index rose 1 percent to 10032 points. The Kuwaiti index rose 0.8 percent to 6,373 points.
The Bahraini index rose 0.6 percent to 1,458 points. Oman’s index also increased 0.1 percent to 3,604 points.


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