Dubai bourse rises for sixth session

Dubai's stock market rose in early trade on Wednesday and was headed for a sixth straight session of gains, while weak oil prices weighed on Saudi shares, reports Reuters.

Dubai's main share index (.DFMGI) gained 0.8 per cent, boosted by a 5.1 per cent jump in Emirates Integrated Telecommunications Company (DU.DU).

Dubai is planning an initial public offering of business park operator TECOM Group on the local stock exchange, the emirate's Media Office reported on Tuesday. read more

The Dubai government last month announced plans to list 10 state-backed companies on its stock market as part of plans to boost activity on the local bourse.

It also said it plans to set up a 2 billion dirham market maker fund to encourage more private companies to list.

Saudi Arabia's benchmark index (.TASI) fell 0.3 per cent, hit by a 0.4 per cent dip in Al Rajhi Bank (1120.SE) and a 1.4 per cent decline in Saudi National Bank (1180.SE), the kingdom's biggest lender.

Oil prices, a key catalyst for the Gulf's financial markets, eased after two days of gains, as investors waited for an assessment of the full impact of the Omicron coronavirus variant on global economy and fuel demand as well as the effectiveness of existing vaccines.