June 30, 2019 / 1:46 PM / 4 months ago

MIDEAST STOCKS-Trade war truce lifts Gulf markets, Dubai leads gains

    * U.S.-China trade talks lifts market sentiment
    * ENBD soars 4.1% after acquisition approval
    * Telecom companies boost Saudi market
    * Abu Dhabi slightly down, exchange cuts commission fees

    By Tuqa Khalid
    DUBAI, June 30 (Reuters) - Most major Gulf markets gained on
Sunday, reacting to positive global market sentiment after the
United States and China agreed to a trade war truce at the G20
    The two powers agreed on Saturday to restart trade talks
after U.S. President Donald Trump offered concessions including
no new tariffs and an easing of restrictions on the Chinese tech
company Huawei.
    Dubai's index rose 1.2%, lifted by the largest
lender in the emirate, Emirates NBD, rising 4.1% after
getting banking regulatory approval to acquire shares in
Turkey's Denizbank from Russia's Sberbank.
    The real estate and construction sector was also up, with
market heavyweight Emaar Properties gaining 1.1%,
construction firm Arabtec up 1.3%, Emaar Development
 0.8%, and Damac Properties 0.7%.
    Saudi Arabia's index inched up 0.3%, lifted by
communication services stocks such as telecoms operator Zain
Saudi Arabia, which rose 4.2%, and Etihad Etisalat
Company, which rose 1.9%.
    The Abu Dhabi index shed 0.2%, dragged down by
    The exchange announced on Sunday it was reducing its trading
commission fees by between 50% and 90% as it seeks to reduce
investor costs, increase liquidity and build
    Abu Dhabi Islamic Bank was down 0.9% and First Abu
Dhabi Bank, the largest bank in the United Arab
Emirates, slipped 0.7%.
    Qatar's index rose 0.1%, with Commercial Bank
 up 1.7% and Qatar National Bank up 1.0%.
    Kuwait's index was up 0.3%, continuing its gains days
after MSCI said it would upgrade Kuwaiti equities to
its main emerging markets index in 2020.
    The Egyptian stock exchange was closed for a holiday.
 SAUDI       The index         rose 0.3% to 8,822 points
 ABU DHABI   The index        inched down 0.2% to 4,980
 DUBAI       The index          rose 1.2% to 2,659 points
 QATAR       The index        was up 0.1% at 10,456 points
 EGYPT       The market was closed
 BAHRAIN     The index        was up 0.2% at 1,471 points
 OMAN        The index        fell 0.2% to 3,885 points
 KUWAIT      The index        rose 0.3% to 6,377 points

 (Reporting by Tuqa Khalid)
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