Mideast Stocks: Major Gulf bourses end mixed; Egypt extends gains

Major bourses in the Gulf had a mixed session on Wednesday

  
Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

Traders work at the Egyptian stock exchange in Cairo, March 12, 2015.

REUTERS/Mohamed Abd El Ghany

Major bourses in the Gulf had a mixed session on Wednesday with little fresh news to prompt buying, while Egypt's blue-chip index extended gains for a third session.

The benchmark index in Saudi Arabia, which reopened after a one-week break for the Muslim festival of Eid Al Adha, edged up 0.2%. Saudi Arabian Mining Company rose 2.4%, while Savola Group was up 1.1%.

The index's gains, however, were capped by losses at petrochemical firm Saudi Basic Industries, which declined 1%.

The kingdom's non-oil private sector stabilised in July after four months of contraction, a survey showed on Wednesday, suggesting the worst of the disruption caused by the coronavirus pandemic may be over. 

Dubai's main share index gave up earlier gains to close flat, with Emirates NBD Bank gaining 0.9%.

In Abu Dhabi, the index lost 0.3%, hurt by a 0.7% fall in First Abu Dhabi Bank (FAB).

FAB, the United Arab Emirates' biggest lender, sold 3.6 billion Chinese yuan ($465.49 million) in five-year dual-listed Formosa bonds at 3.4%, it said in a statement on Tuesday.

The bank increased the size from 3.25 billion yuan and said it was the biggest yuan-denominated issuance by a non-Chinese bank issuer and the biggest Chinese yuan Formosa issuance.

Outside the Gulf, Egypt's blue-chip index closed 0.8% higher, with top lender Commercial International Bank rising 0.4% and Sixth of October Development and Investment jumping 8.6%.

** Qatar remained closed for the Eid holidays.

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

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