Trade truce lifts Gulf bourses despite Iran tensions


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Trade truce lifts Gulf bourses despite Iran tensions

On Sunday, the 30th of June 2019, a majority of the Gulf stock exchanges added gains over the narratives of a trade truce reached between China and Washington which had eventually averted further escalation of a nearly one-year-long trade spat and market sentiments had improved signifcantly across the world, while Gulf had not been any exception despite tension between Iran and Saudi alongside United Arab Emirates.

On Sunday’s (June 30th) market closure, Dubai benchmark index rose by 1.2 percent, fueled up by the gains of UAE’s largest lender, Emirates NBD, which wrapped up the day 4.1 percent up after receiving approval to buy shares in Deniz bank of Turkey from Spearbank, while Emaar properties ended the day up by 1.1 percent.

Saudi Arabia’s main index rose by 0.3 percent, almost entirely catalyzed by a boost in the telecom shares, while Zain Saudi ended the day up by 4.2 percent and Mobily rounded off the day 1.9 percent higher. Elsewhere in Gulf, Abu Dhabi shed 0.2 percent, weighed down by plunges of financials, while Abu Dhabi Islami Bank fell by 0.9 percent and UAE’s largest bank by assets, Abu Dhabi First Bank were plummeted by 0.7 percent.

Meanwhile, Qatari index rose 0.1 percent, almost entirely prodded by the gains of financials and banks, while Kuwait added 0.3 percent after MSCI’s emerging market index had announced that it would add Kuwaiti bourse in its index by 2020.