Stock Market News – MIDEAST STOCKS Major Gulf indexes mixed in early trade
Major Gulf stocks were mixed early on Sunday, with the Dubai index on track to extend gains for a fifth consecutive session, buoyed by property companies.
The main Dubai share index (.DFMGI) gained 0.9%, with blue-chip developer Emaar Properties (EMAR.DU) rising 1.5% while its shopping malls unit Emaar Malls (EMAA.DU) gained 1%.
Dubai house prices are expected to rise for the first time in six years this year, supported by a swift vaccine rollout that has lifted hopes for economic recovery, a Reuters poll of property analysts showed.
Among others, Emirates NBD Bank (ENBD.DU) added 0.4%. The lender sold $750 million in Additional Tier 1 bonds on Thursday after receiving more than $1.75 billion in orders for them, a document showed.
ENBD’s issuance will be non-callable for six years.
Saudi Arabia’s benchmark index (.TASI) fell 0.2%, with Al Rajhi Bank (1120.SE) and Saudi National Bank (1180.SE), the kingdom’s biggest lender, both losing 0.6%.
Elsewhere, Alkhorayef Water and Power Technologies (2081.SE) retreated by more than 5% after a drop in quaterly net profit.
The Abu Dhabi index (.ADI) added 0.4%, led by a 0.4% gain for the country’s largest lender First Abu Dhabi Bank (FAB.AD) and a 0.8% rise for aquaculture firm International Holding (IHC.AD).
In Qatar, the benchmark index (.QSI) eased by 0.1% as shares in Qatar International Islamic Bank (QIIB.QA) lost 1.1%.
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