Mideast Stocks: Most major Gulf markets little changed; Air Arabia lifts Dubai

Saudi Arabia's benchmark index rose 0.3%


Major stock markets in the Gulf were little changed in early trade on Thursday, with Air Arabia helping the Dubai index stay in positive territory.

Saudi Arabia's benchmark index rose 0.3%, with utility firm Saudi Electricity advancing 2% while National Gas and Industrialization Company  was up 0.8%.

Supermarket retailer BinDawood Holding on Wednesday said it had priced its initial public offering at 96 riyals ($25.59) a share.

At 96 riyals per share, BinDawood's market capitalisation at listing is seen at 10.97 billion riyals, the statement said.

Dubai's main share index edged up 0.1%, supported by a 4.7% jump in Air Arabia after four straight sessions of losses.

On Tuesday, the budget airliner announced free global COVID-19 cover for all passengers travelling on its flights which includes medical and quarantine costs.

The Abu Dhabi index slipped 0.1%, with top lender First Abu Dhabi Bank losing 0.2%.

In Qatar, the index added 0.2%, led by a 2% gain in petrochemical maker Industries Qatar and a 0.3% rise in lender Masraf Al Rayan.

($1 = 3.7510 riyals)

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

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