Mideast Stocks: Gulf stocks little changed; blue chips down in Dubai

Saudi Arabia's benchmark index rose 0.4%, driven by a 1.1% gain in Saudi Basic Industries and a 0.3% rise in Saudi Aramco

  

Most major Gulf stock markets traded in positive territory early on Tuesday, led by financial stocks and corporate announcements, but Dubai's index retreated on a sell-off by blue chips.

Saudi Arabia's benchmark index rose 0.4%, driven by a 1.1% gain in Saudi Basic Industries and a 0.3% rise in Saudi Aramco.

Aramco Trading Co has sealed a new deal to secure long-term crude oil supplies from state-run Kuwait Petroleum Corp that can be processed at refineries owned by Saudi Aramco in Asia, Reuters reported, citing trade sources.

Shares in Al Moammar Information Systems Co jumped 8.2% to 50.9 riyals, its biggest intraday-gain since April, after it posted a rise in annual profit.

In a separate exchange filing, the company said it got purchase orders worth more than 5% of 2018 revenue from Giza Arabia to supply integrated technical infrastructure.

In Qatar, the index added 0.3% with Qatar International Islamic Bank advancing 2.3% and Industries Qatar was up 1%.

However, the gains were capped by losses at Doha Bank, which plunged a further 9.3%. On Tuesday, the bank saw its biggest intraday fall since March 2018 after it reported a decline in annual profit.

The Abu Dhabi index edged up 0.2% as First Abu Dhabi Bank was up 0.3%. Telecoms company Etisalat opened up 0.4%.

Dubai's main share index lost 0.3%. Emirates NBD Bank eased 0.4%, and Emirates Integrated Telecommunications was down 0.5%.

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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