Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. REUTERS/Abdel Hadi Ramahi/File photo Purchase Licensing Rights, opens new tab
March 17 (Reuters) – Most major stock markets in the Gulf rose in early trading on Monday, fuelled by China’s latest economic stimulus initiatives.
China’s State Council on Sunday unveiled what it called a “special action plan” to boost domestic consumption, featuring measures including increasing residents’ income and establishing a childcare subsidy scheme.
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This came just days after the country’s financial regulator promised to relax consumer credit quotas and loan terms as it offers long-term backing to make available large sums.
Saudi Arabia’s benchmark index
rose 0.3%, with top lender Saudi National Bank
rising 1.3% and Alinma Bank
putting on 1%.
Alkhorayef Water and Power Technologies
advanced 5% following a contract for operation and maintenance of water treatment plants worth 58.8 million riyals ($15.68 million).
Elsewhere, Arabian Co For Agricultural And Industrial Investment (Entaj)
soared 30% – the maximum daily limit allowed for newly-listed stocks during their first three days of trading – to 65 riyals in its debut.
Meanwhile, Dubai’s main share index
also added 0.3%, with blue-chip developer Emaar Properties
increasing 1.2% and utility firm Dubai Electricity and Water Authority
climbing 1.2%.
National Central Cooling
rose 1.5% after entering an agreement to provide district cooling to Palm Jebel Ali. The 1.5 billion dirhams ($408.46 million) project will be executed in multiple phases through a joint venture.
($1 = 3.7504 riyals)
($1 = 3.6723 UAE dirham)
Reporting by Ateeq Shariff in Bengaluru; Editing by Varun H K
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