Mideast Stocks: Major Gulf bourses mixed in early trade

Saudi Arabia's benchmark index edged 0.1% higher, with Saudi Telecom Company rising 0.9% and Al Rajhi Bank putting on 0.3%

  

Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index on track to extend gains for a second session, while the Abu Dhabi index retreated from a record high.

Saudi Arabia's benchmark index edged 0.1% higher, with Saudi Telecom Company rising 0.9% and Al Rajhi Bank putting on 0.3%.

However, Saudi mall operator Arabian Centres plunged 10%. On Thursday, Arabian Centres said its title deed on a piece of land in Riyadh has been cancelled by a court. 

Dubai's main share index rose 0.2%, supported by a 8.2% jump in Dubai Financial Market (DFM).

Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings of 10 state-backed companies as part of plans to boost activity on the local bourse. 

Since the announcement DFM has risen more than 70%.

The United Arab Emirates plans to list Dubai's "Salik" road toll system on the Dubai financial market, its finance minister Maktoum Bin Mohammed said on Twitter on Saturday. 

Union Properties declined 5.8%.

On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, was dismissed from the board following the disclosure that the public prosecution office in the United Arab Emirates had ordered his arrest. 

The UAE attorney general announced the investigation in October into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM had reported. 

In Abu Dhabi, the index eased 0.1%, retreating from a record high it reached in the previous session, with conglomerate International Holdinglosing 0.5%.

The Qatari index fell 0.5%, weighed down by a 1.1% fall in Commercial Bank. ($1 = 3.6729 UAE dirham) ($1 = 3.7504 riyals)

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


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