Mideast Stocks: Most Gulf markets little changed in quiet early trade

Saudi Arabian benchmark index rose 0.2%


Most Gulf stock markets were little changed in thin trading early on Monday, with banking shares hurting Dubai while petrochemical stocks supported Saudi Arabia.

Saudi Arabian benchmark index  rose 0.2%, with petrochemical maker Saudi Basic Industries Corp rising 0.7% and oil giant Saudi Aramco 0.3%.

But, shares of Saudi Industrial Investment Group and National Petrochemical Company retreated 1.9% and 2%, respectively. On Sunday, the shares had surged on news the two were in merger talks.

Dubai's main share index dropped 0.4%, weighed down by a 0.5% fall in Emirates NBD Bank and a 0.7% decrease in blue-chip developer Emaar Properties.

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

In Qatar, the index added 0.3%, with United Development Company jumping 7.5%. Commercial Bank edged up 0.1%. The lender closed a dual-tranche $227.5 million syndicated term loan facility.

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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