Mideast Stocks: Major Gulf bourses off to mixed start

Saudi Arabia's benchmark index dropped 0.6%


Major Gulf stock markets were mixed in early trade on Tuesday, with financial shares weighing on the Saudi index.

Saudi Arabia's benchmark index dropped 0.6%, with Al Rajhi Bank shedding 1.3%, while oil giant Saudi Aramco was down 0.5%.

Separately, the kingdom's supermarket operator BinDawood Holding may price its initial public offering (IPO) at the top of its range after a bookrunner note said investors bidding below 96 Saudi riyal ($25.60) may not get an allocation. 

Dubai's main share index lost 0.4%, driven down by a 0.9% fall in Emirates NBD Bank and a 0.7% decrease in sharia-compliant lender Dubai Islamic Bank.

The Abu Dhabi index edged up 0.1%, helped by a 0.4% gain in First Abu Dhabi Bank (FAB).

FAB, the United Arab Emirates' largest lender, has hired banks to arrange an investor call ahead of an issuance of U.S. dollar-denominated bonds, a document showed.

In Qatar, the index added 0.6%, led by a 9.3% surge in United Development Company.

($1 = 3.7505 riyals)

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

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