MIDEAST STOCKS Gulf bourses mixed in early trade

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Stock markets in the Gulf were mixed early on Sunday, with bourses in the United Arab Emirates supported by corporate earnings reports.

Saudi Arabia’s benchmark index was down 0.4%, extending losses from the previous session.

Saudi National Bank , the kingdom’s largest lender, and petrochemical firm Saudi Basic Industries Corp were both down 1.4%.

On Wednesday, the Saudi index registered sharp gains after Crown Prince Mohammed bin Salman said the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax (VAT) to 15% was temporary.

Reuters

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