Jan 5 (Reuters) - Qatar's stock market rose sharply in early
Tuesday trade, buoyed by an easing in the Gulf's more than
three-year diplomatic rift, while Dubai climbed for a third
session amid growth in the United Arab Emirates' non-oil private
Saudi Arabia agreed to reopen its airspace and land and sea
border to Qatar in a deal towards resolving a dispute that led
Riyadh and its allies to impose a boycott on Qatar in 2017.
A Gulf Arab summit will be held later on Tuesday in Saudi
Arabia to discuss steps towards ending the diplomatic row.
Qatar's ruling Emir Sheikh Tamim bin Hamad al-Thani will attend
"This is a long awaited outcome, and I see it as positive
step towards dispute resolution. We should see significant cost
saving for some Qatari companies on the fuel and logistics
side," said Joice Mathew, senior research manager at United
The Qatari index rose 1.8%, with all constituents
trading in the green.
Industries Qatar led the gains with a 3.3% jump,
while the Gulf's largest lender, Qatar National Bank,
Among property stocks, Barwa Real Estae was up
In Saudi Arabia, the index was up 0.2%. Consumer
food and beverage company Almarai climbed 3.8%, while
the country's largest lender, National Commercial Bank
, was up 0.6%.
The Dubai index was up 0.7%, with Emaar Properties
advancing 2.7% in its third straight rise. Dubai
Islamic Bank gained 0.6%.
Activity in the United Arab Emirates' non-oil private sector
grew in December as its Purchasing Managers' Index (PMI), which
covers manufacturing and services, rose to 51.2 in December from
49.5 in November, a survey showed. The 50.0-mark separates
growth from contraction
Abu Dhabi's index was down 0.2%, with Abu Dhabi Bank
(Reporting by Maqsood Alam in Bengaluru. Editing by Mark