Mideast Stocks: Major Gulf markets trade mixed ahead of Eid holidays

Saudi Arabia's benchmark index edged up 0.2%


Major stock markets in the Gulf were mixed early on Monday in thin trade ahead of Eid al-Fitr holidays, with the Saudi index supported by financial shares.

Saudi Arabia's benchmark index edged up 0.2%, a day after trading flat. Saudi Telecom Company rose 0.5%, while Saudi National Bank, the kingdom's largest lender, was up 0.3%.

Among others, Bank AlJazira added 0.8%, as the lender announced redemption of its 2 billion riyals ($533.39 million) tier 2 sukuk. 

However, Saudi Arabian supermarket retailer BinDawood Holding retreated 1.4% following a decline in its first-quarter earnings. 

In Dubai, the main share index fell 0.2%, hit by a 0.8% drop in its top developer Emaar Properties.

Budget airline Air Arabia gained 0.8%, despite reporting a fall in first-quarter earnings.

The Abu Dhabi benchmark dropped 0.6%, with First Abu Dhabi Bank, the United Arab Emirates' largest lender, losing 1.1%, while aquaculture firm International Holding decreased about 1.5%.

Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for at least five days in most Gulf countries.

In Qatar, the index gained 0.1%, helped by a 0.4% rise in petrochemical firm Industries Qatar

The Gulf Arab state on Sunday decided on gradually lifting coronavirus-related measures in four phases starting the first phase on May 28 and the fourth on July 30, the state news agency said, citing a health ministry statement. 

($1 = 3.7496 riyals)

(Reporting by Ateeq Shariff in Bengaluru, editing by Ed Osmond) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

More From Equities