Mideast Stocks: Major Gulf markets mixed in early trade, Dubai index up

Saudi Arabia's benchmark index fell 0.2%


Major stock markets in the Gulf were mixed early on Thursday, in the absence of fresh factors to trade on, with top lender Emirates NBD boosting the Dubai index.

Saudi Arabia's benchmark index fell 0.2%, hurt by a 0.8% drop in National Commercial Bank and a 1.4% retreat in Etihad Etisalat (Mobily) despite reporting a higher third-quarter profit.

Saudi Telecom Company, however, gained 0.6% following an increase in its quarterly net profit.

Dubai's main share index rose 0.3%, with its largest lender Emirates NBD gaining 0.7% and DAMAC Properties advancing 3.6%. DAMAC was on track to extend gains from the previous session.

There has been speculation about possible plans to take the company private but no final decision has been taken yet.

Hussain Sajwani, DAMAC's founder and chairman, has been exploring the deal since late-2019 after the firm's share price plunged over the past two years.

The Abu Dhabi index added 0.1%, helped by a 1.4% increase in Aldar Properties.

In Qatar, the index lost 0.4%, driven down by a 0.7% fall in the Gulf's largest lender Qatar National Bank and a 2.8% decline in United Development Company.

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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