(Reuters) – Most Middle Eastern markets ended higher on Wednesday, with Bahrain outperforming the region, while bank stocks weighed on the Saudi index.
Saudi Arabia’s largest telecoms operator Saudi Telecom Company (STC) 7010.SE gained 1% as STC has asked banks to pitch for roles in a potential public offering of its products and services development arm, Reuters reported, citing sources.
Saudi Chemical Company 2230.SE surged 9.9%, extending gains from the previous session, when the chemicals firm signed a memorandum of understanding with the Russian Direct Investment Fund to provide a coronavirus vaccine in the kingdom.
On Tuesday, Qatar saw its first green bond issue when Qatar National Bank sold $600 million of the notes, making it only the second commercial bank in the Gulf to venture into the green market.
Bahrain, which signed agreements on Tuesday along with the United Arab Emirates to establish formal ties with Israel, the index .BAX advanced 1.2%, outperforming regional peers.
Reporting by Ateeq Shariff in Bengaluru; Editing by Amy Caren Daniel