Mideast Stocks: Most major Gulf markets slip in early trade, set for weekly gains

The Dubai index fell 0.5%, but the benchmark was on track for a fifth weekly gain

  

Most Gulf stock markets fell in early trade on Thursday, with Dubai leading losses, though the markets were on track for their weekly gains.

The Dubai index fell 0.5%, but the benchmark was on track for a fifth weekly gain. Emirates NBD Bank dropped 1.4% and Emaar Properties lost 0.5%.

Emaar, which along with its subsidiaries has an outstanding debt of $817.25 million, has hired banks for issuance of U.S. dollar-denominated Islamic bonds, sources said. 

The Abu Dhabi index was down 0.2%. First Abu Dhabi Bank fell 0.6% and Emirates Telecommunications Group lost 0.2%.

The index is heading for a fifth weekly rise.

Business activity in the United Arab Emirates' non-oil private sector expanded for a sixth consecutive month in May, as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, edged down to 52.3 from 52.7 in April. 

Saudi Arabia's index was flat as the gains led by real estate sector were outweighed by the financial shares. Riyad Bank decreased 0.7%, while Jabal Omar Development rose 0.6%.

The Saudi index is on track for a fourth consecutive weekly gain.

Saudi Arabia's non-oil private sector expanded for the ninth consecutive month in May, as its PMI rose to 56.4 from 55.2 in April. 

Qatar's index was down 0.1%, with financial and industrial stocks dragging the index most. The index was up 0.2% for the week.

Industries Qatar shed 0.4% and Commercial Bank eased 0.5%.

Commercial Bank offered to buy an additional 15.2% stake in National Bank of Oman for 49.4 million rials. 

($1 = 3.6728 UAE dirham)

($1 = 0.3850 Omani rials)

(Reporting by Maqsood Alam in Bengaluru; Editing by Rashmi Aich) ((Maqsood.Alam@thomsonreuters.com;))


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