News report

Indices win, Saudi home loans surge from debut

An investor watches a screen displaying stock information at the Abu Dhabi Stock Exchange on June 25, 2014

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April 20 (Reuters) – Major Gulf indices rose on Wednesday, alongside global markets and crude prices, where concerns over tight oil supplies from Russia and Libya dominated.

Asian stock markets rose in choppy trade as investors grappled with high US yields and China’s cautious economic policy response to pandemic lockdowns.

The main Dubai stock market index (.DFMGI) rose 0.6%, after ending the previous session up 1.6%.

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Property stocks continued to boost sentiment, with blue chip developer Emaar Properties (EMAR.DU) up 1.7%.

Amlak Finance was the biggest percentage gainer, rising 11.3% after the company’s shareholders approved it to continue operations.

Saudi Arabia’s benchmark index (.TASI) climbed 0.3%, rebounding from a 1.7% drop in the previous session.

Saudi home loans shares opened at 22 riyals in their trading debut, higher than the IPO price of 20 riyals.

STC Solutions (7202.SE) rose 2.6%, a day after the communications services company posted higher quarterly profit.

Sentiment was mixed in Abu Dhabi (.FTFADGI) and Qatar (.QSI), with both indexes up 0.1%.

Shares of Qatar Navigation (QNNC.QA) rose 2.5% after the shipping company posted a higher quarterly profit. The stock was the best performer as a percentage of the Qatari index.

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Reporting by Tanvi Mehta in Bengaluru Editing by Mark Potter

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