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Most major stock markets in the Gulf rose in early trade on Monday, driven by gains in the financial sector, although Qatar bucked the trend to trade lower.

Saudi Arabia’s benchmark index (.TASI) gained 0.4%, with Al Rajhi Bank (1120.SE) rising 0.9% and Saudi Telecom Company (7010.SE) up 0.8%.

The kingdom announced on Sunday that foreign visitors arriving by air from most countries will no longer need to quarantine if they have been vaccinated against COVID-19. read more

Visitors from 20 other countries – including the United States, India, Britain, Germany, France and the United Arab Emirates – remain banned from entering the kingdom, however, under measures to curb the spread of the coronavirus.

In Dubai, the main share index (.DFMGI) rose 0.7%, led by a 1.1% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.8% increase in Emirates NBD Bank (ENBD.DU).

The Abu Dhabi index (.ADI) added 0.4%, with the country’s largest lender First Abu Dhabi Bank (FAB.AD) rising 1.3%.

On Sunday, the bank surged over 10% on expectations that an upcoming review by MSCI of its emerging markets index will increase the bank’s index weighting and spur foreign fund flows into its shares.

However, the index’s gains were capped by losses at aquaculture firm International Holding (IHC.AD).

The Qatar benchmark (.QSI), which traded after a three-session break, retreated 1.1% as most of the stocks on the index were in negative territory.

Petrochemical maker Industries Qatar (IQCD.QA) dropped 3.6%, while utility firm Qatar Electricity and Water (QEWC.QA) declined 2.8%.

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