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Major Gulf bourses gain as financials lead

October 6, 2020

FILE PHOTO: A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser

(Reuters) – Major Gulf stock markets edged higher in early trade on Tuesday, helped by financial shares, with Dubai on track to end three sessions of losses.

Saudi Arabia’s benchmark index .TASI increased 0.6%, with Al Rajhi Bank 1120.SE rising 0.9% and telecoms firm Etihad Etisalat 7020.SE jumping 5.1%.

Dubai’s main share index .DFMGI gained 0.6%, led by a 1.2% rise in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 1% increase in Emirates NBD Bank ENBD.DU.

The Abu Dhabi index .ADI edged up 0.2%, supported by a 0.2% gain in the country’s largest lender First Abu Dhabi Bank FAB.AD.

The United Arab Emirates has resumed granting work permits for foreigners employed by government and semi-government entities as well as entry permits

Wall Street closes higher as energy, financials lead broad rally

September 29, 2020

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(Reuters) – Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.

All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.

But energy .SPNY and financials .SPSY, which suffered the most bruising blows from the economic shutdown, enjoyed the largest percentage gains among major S&P 500 sectors, all of which ended the session in the black.

“Today’s market is being led by energy and financials, but it’s a very well-balanced market,” said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. “Every sector is participating in this rally.”

However, even with Monday’s jump, the indexes are only days away from closing the books on their first monthly declines since March,

Australia shares end lower on financials and consumers; New Zealand recovers

September 28, 2020

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(Reuters) – Australian shares closed lower in a low-volume session on Monday, with financials and consumers stocks weighing the most.

FILE PHOTO: Pedestrians are reflected in a window in front of a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, February 9, 2018. REUTERS/David Gray

The S&P/ASX 200 index .AXJO swung between gains and losses throughout the session before settling 0.2% lower at 5,952.3. More than 571.9 million shares changed hands, compared with the 30-day average of 803.6 million shares.

Heavyweight financial stocks .AXFJ were among the biggest drags on the index, losing 0.6% after a 3.7% jump in the previous session.

All “Big Four” banks closed in negative territory, with top lenders Commonwealth Bank of Australia CBA.AX and Westpac Banking Corp WBC.AX losing 1% and 1.1%, respectively.

“Banks are seeing profit-taking after a big move last week,” said Henry Jennings, a senior analyst and

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