MIDEAST STOCKS Major Gulf bourses mixed in early trade

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Major stock markets in the Gulf were mixed in early trade on Tuesday, with the Saudi index on course to end eleven straight sessions of gains.

Saudi Arabia’s benchmark index fell 0.2%, with Saudi Telecom Co (STC) losing 1.6% and Al Jazira Bank retreating about 4%.

The two companies reported a higher second-quarter net profit, however, they saw a decrease sequentially in earnings.

Among other decliners, National Shipping Company Of Saudi Arabia dropped 1.7% after reporting a sharp decline in quarterly net profit.

The kingdom’s non-oil private sector continued to expand in July but at a slower pace, according to a business survey, signalling that business conditions remain difficult as the largest Arab economy recovers from the coronavirus crisis.

Dubai’s main share index added 0.3% driven by a 2.3% rise in shares of diversified investment group Dubai Investments.

In Abu Dhabi, the index edged up 0.1%, helped by the country’s largest lender First Abu Dhabi Bank rising 0.5%.

The United Arab Emirates’ non-oil private sector expanded at its fastest pace in two years in July as demand rebounded from the COVID-19 pandemic, a business survey showed. read more

The Qatari benchmark eased 0.1%, pressured by shares of petrochemical maker Mesaieed Petrochemical Holding, which fell 1%.

Reuters

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