Mideast Stocks: Most Gulf markets fall in early trade; Qatar gains

In Abu Dhabi, the index dropped 0.4%


Most stock markets in the Gulf fell in early trade on Monday, with the Abu Dhabi index retreating from a record high, while the Qatari index bucked the trend to trade higher.

In Abu Dhabi, the index dropped 0.4%, a day after it reached an all-time high, pressured by a 1.1% fall in the country's largest lender First Abu Dhabi Bank and a 1.8% decline in Alpha Dhabi Holding.

Aldar Properties on Sunday said it would create employment opportunities for 1,000 UAE nationals over the next five years. However, Aldar shares were down 0.8%. 

Saudi Arabia's benchmark index lost 0.2%, on course to extend losses from the previous session, with Al Rajhi Bank declining 1.2%, while Saudi Arabian Mining Company slid 2.8%, despite reporting a strong quarterly earnings.

Meanwhile, the kingdom wants to be the biggest supplier of hydrogen, Energy Minister Prince Abdulaziz bin Salman al-Saud said on Sunday. 

This comes at a time calls for reductions in fossil-fuel investment and a shift towards renewable energy sources have been growing worldwide.

Dubai's main share index declined 0.8%, dragged down by a 1.1% drop in Emirates NBD Bank and a 4% decrease in logistic firm Aramex, to end a four-day winning streak.

In the previous two sessions Aramex rose about 24%, following a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.

Union Properties extended losses to trade 0.4% lower. The United Arab Emirates attorney general has announced an investigation into allegations of financial violations by the chairman and other officials of Union Properties, Reuters reported on Sunday, citing state-news agency WAM. 

The Qatari index gained 0.2%, with petrochemical maker Industries Qatar advancing 1.4% ahead of its earnings announcement.

Among other gainers, Commercial Bank added 0.9% after it posted strong earnings for the first nine months of 2021.

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

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