Mideast Stocks-Major Gulf stocks little changed in early trade

Abu Dhabi's index was up 0.4% with Emirates Telecom gaining 0.9%


Major Gulf stock markets were steady in early Sunday trading, having gained last week on optimism about COVID-19 vaccines.

Saudi Arabia's index was up 0.3% as Al Rajhi Bank gained 0.3% and Saudi Electricity added 2.1% in its fifth daily rise in six trading days.

Moody's on Wednesday upgraded the utility company's rating to A1, citing increased government support. The company recently signed an agreement with the government to convert state liabilities worth 167.92 billion riyals ($45 billion) into a subordinated perpetual financial instrument. 

Elsewhere, Saudi Pharmaceutical Industries & Medical Appliances Corporation jumped 5.2%. The company said it signed a memorandum of understanding with German biopharmaceutical company Curevac to supply and distribute a COVID-19 vaccine. 

Abu Dhabi's index was up 0.4% with Emirates Telecom gaining 0.9% and Aldar Properties rising 1.6%.

Dubai's index gained 0.2%. Dubai Investments rose 1.6% and Emaar Properties edged up 0.3%.

The Qatari index was down 0.5% as Industries Qatar fell 2.5% and Qatar Islamic Bank lost 0.7%.

(Reporting by Maqsood Alam in Bengaluru; Editing by Kirsten Donovan) ((Maqsood.Alam@thomsonreuters.com;))

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