Mideast Stocks: Most major Gulf markets up but Abu Dhabi eases

Saudi Arabia's benchmark index was up 0.1%


Most major Gulf indexes were firm in early trade on Wednesday, but the Abu Dhabi index was hurt by a fall in the country's largest lender.

Saudi Arabia's benchmark index was up 0.1%, with Al Rajhi Bank rising 1.1%, while Jarir Marketing increased 1.2%, extending gains from the previous session.

On Tuesday, the Saudi retailer proposed a dividend of 1.70 riyal per share for the second quarter, versus 1.40 riyal a year earlier.

Dubai's main share index edged up 0.2%, with Emirates NBD Bank gaining 1.3% and DAMAC Properties was up 1.9%.

Air Arabia added 0.9%.

The United Arab Emirates' only listed airline retreated 1.8% on Tuesday after it swung to a second-quarter loss of 239 million dirhams ($65.07 million) following a collapse in passenger traffic because of the COVID-19 pandemic.

In Abu Dhabi, the index slipped 0.1%, hurt by a 0.2% fall in the country's largest lender First Abu Dhabi Bank.

The Qatari index gained 0.3%, led by a 2% increase in utility firm Qatar Electricity and Water and a 0.6% rise in petrochemical maker Industries Qatar.

($1 = 3.6728 UAE dirham)

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

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