Mideast Stocks: Gulf markets mostly slip in early trade

Dubai's main share index declined 0.9%


Most stock markets in the Gulf were slightly lower early on Tuesday, with the Dubai index leading losses, weighed down by Dubai Islamic Bank (DIB).

DIB, the United Arab Emirates' largest sharia-compliant lender, reported a net profit of 3.16 billion dirhams ($860.38 million) for 2020, down sharply from 5.10 billion dirhams a year earlier. 

Dubai's main share index declined 0.9%, dragged down by a 2.8% fall in Dubai Islamic Bank and a 0.4% drop in Emirates NBD Bank.

National Central Cooling Co (Tabreed), however, added 0.4%.

On Monday, Tabreed Chief Executive Bader Al Lamki said the company is interested in acquiring the district cooling unit that serves Dubai International Airport. 

District cooling firms deliver chilled water via insulated pipes to offices, as well as industrial and residential buildings.

Saudi Arabia's benchmark index eased 0.1%, on track to end eight sessions of gains, with Al Rajhi Bank losing 1.3%.

Among losers, Bank AlJazira slipped 2.4% after the lender reported a steep fall in 2020 profit. 

Abu Dhabi's stock market outperformed the region, with its index edging up 0.2%, lifted by a 0.5% gain in the country's largest lender First Abu Dhabi Bank.

Elsewhere, the Qatari benchmark eased 0.2%, hit by a 1.7% fall in Qatar Navigation.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Susan Fenton) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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