Major Gulf markets gain on progress in US-China trade talks
June 11 (Reuters) - Major stock markets in the Gulf rose in early trade on Wednesday in line with Asian shares, on signs of progress in trade talks between the U.S. and China.
Top officials of both the countries said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab rose 0.5%.
Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four session break - advanced 1.2%, led by a 1.7% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.6% increase in oil giant Saudi Aramco (2222.SE), opens new tab.
The kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer.
Dubai's main share index (.DFMGI), opens new tab added 0.1%, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas (ADNOCGAS.AD), opens new tab climbing 1.2%.
ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project.
Elsewhere, chemicals maker Borouge (BOROUGE.AD), opens new tab gained 0.6% after awarding a $531 million contract to ADNOC Logistics & Services (ADNOCLS.AD), opens new tab for streamlining maritime deliveries.
Separately, the rush of financial firms setting up in Abu Dhabi to tap the oil-rich emirate's wealth funds and Middle East markets will continue at pace, the official in charge of expanding its financial hub has predicted.
The Qatari index (.QSI), opens new tab rose 0.4%, led by a 0.4% increase in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab.
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