Mideast Stocks: Major Gulf indexes make mixed start, with Qatar gaining

Saudi Arabia's benchmark index slipped 0.4%

  

Major Gulf share markets were mixed on Monday, with the Qatari index boosted by Commercial Bank , while Saudi Arabia's benchmark index slipped 0.4%.

In the Saudi market, Al Rajhi Bank fell 0.5%, while Saudi National Bank, the kingdom's largest lender, retreated 1.7% and Arriyadh Development dropped 2.4%, as the stock went ex-dividend.

However, Yanbu National Petrochemicals Company climbed by more than 2%, after it reported a sharp surge in its quarterly profit.  

In Dubai, the main share index fell 0.5%, hit by a 1.5% fall in Emaar Properties, Dubai's largest listed real estate developer which will go ex-dividend on Tuesday, and a 0.9% slip in Emirates NBD Bank.

The Abu Dhabi index gained 0.5%, with aquaculture firm International Holding advancing 4.9%.

International Holding has gone through rapid expansion across its major business sectors, resulting in a sharp growth in its financials, positioning it for long-term growth.

In Qatar, the benchmark rebounded 1%, as most of the stocks on the index were in positive territory including Commercial Bank, which rose 4.9%.

The Qatari cabinet last week approved a bill that will allow non-Qatari investors to own up to 100% of the capital of companies listed on the Qatar stock exchange. 

It also decided to keep central bank liquidity support for local banks based on need, as the country faces a second wave of the coronavirus pandemic.

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

More From Equities