Mideast Stocks: Major Gulf bourses off to a mixed start

Abu Dhabi index added 0.1%, supported by a 0.5% gain in telecoms giant Etisalat


Major Gulf markets were mixed in early trade on Sunday, with the Saudi index on track to extend gains from the previous session helped by in healthcare and petrochemical shares.

Saudi Arabia's benchmark index gained 0.3%, with Dr Sulaiman Al-Habib Medical Services rising 1.8% and Saudi Kayan Petrochemical jumping 4.4%.

The petrochemical firm posted a net profit of 492.9 million riyals in first-quarter compared to a loss of 516.8 million riyals a year earlier. 

In Dubai, the main share index eased 0.1%, hit by a 0.3% decrease in blue-chip developer Emaar Properties and 0.6% fall in Dubai Investments.

The Abu Dhabi index added 0.1%, supported by a 0.5% gain in telecoms giant Etisalat.

The telecoms operator is expected to tap the international bond market in the coming days ahead of a 1.2 billion euro ($1.45 billion) bond maturity in June, Reuters reported, citing three sources familiar with the matter. 

Meanwhile, the United Arab Emirates has suspended all incoming flights from India due to a surge in coronavirus infections there, the UAE's National Emergency Crisis and Disaster Management Authority (NCEMA) said on Thursday. 

In Qatar, the benchmark lost 0.3%, with Commercial Bank falling 0.9%, while Qatar Islamic Bank was down 0.3%.

($1 = 0.8265 euros)

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

More From Equities