Dec 15 (Reuters) - Saudi Arabia’s stock market rebounded on Sunday, supported by gains in banking stocks, while other major Gulf indexes were also up in early trade.
Saudi’s benchmark index rose 0.9%, with Alinma Bank jumping 5.5% after its board proposed a capital increase through bonus shares.
Saudi Aramco was up 1.5%, on its third day of trading. The oil giant will join the Tadawul index and global benchmarks such as MSCI and FTSE this week, which analysts said should fuel further demand, particularly from “passive” investors who track such indexes.
Aramco raised $25.6 billion on Dec. 5 through its IPO and plans to exercise a 15% greenshoe option in whole or part during the first 30 days of trading. If the option is exercised in full, the total raised from the IPO would amount to $29.4 billion.
Saudi Industrial Services added 1.4%. The firm’s unit obtained regulatory approval for a new concession to develop and operate a whole northern section of Jeddah Islamic Port.
Etihad Etisalat (Mobily) also gained 1.2% after it signed a 7.6 billion riyals ($2.03 billion) refinancing Murabaha facility with a group of Saudi banks.
The Qatari index added 0.4% driven up by a 1% rise in the Gulf’s largest lender Qatar National Bank and a 0.9% gain in Qatar Fuel.
In Dubai, the index rose 0.3%, extending gains for a fourth day in a row. The sharia-compliant lender Dubai Islamic Bank increased 1.1% and Emaar properties was up 0.5%.
The Abu Dhabi index edged up 0.1%, with market heavyweight First Abu Dhabi Bank gaining 0.1%, and telecoms firm Etisalat rising 0.2%. ($1 = 3.7500 riyals) (Reporting by Shamsuddin Mohd in Bengaluru)