Mideast Stock: Major Gulf indexes mixed in early trade

Saudi Arabia's benchmark index fell 0.2%


Major Gulf stocks were mixed early on Sunday, with the Dubai index on track to extend gains for a fifth consecutive session, buoyed by property companies.

The main Dubai share index gained 0.9%, with blue-chip developer Emaar Properties rising 1.5% while its shopping malls unit Emaar Malls gained 1%.

Dubai house prices are expected to rise for the first time in six years this year, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed. 

Among others, Emirates NBD Bank added 0.4%. The lender sold $750 million in Additional Tier 1 bonds on Thursday after receiving more than $1.75 billion in orders for them, a document showed. 

ENBD's issuance will be non-callable for six years.

Saudi Arabia's benchmark index fell 0.2%, with Al Rajhi Bank and Saudi National Bank, the kingdom's biggest lender, both losing 0.6%.

Elsewhere, Alkhorayef Water and Power Technologies retreated by more than 5% after a drop in quaterly net profit. 

The Abu Dhabi index added 0.4%, led by a 0.4% gain for the country's largest lender First Abu Dhabi Bank and a 0.8% rise for aquaculture firm International Holding .

In Qatar, the benchmark index eased by 0.1% as shares in Qatar International Islamic Bank lost 1.1%.

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

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