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MIDEAST STOCKS-Major Gulf bourses off to mixed start

Credit: REUTERS/CHRISTOPHER PIKE

Major Gulf stock markets were mixed in early trade on Tuesday, with financial shares weighing on the Saudi index.

Sept 22 (Reuters) - Major Gulf stock markets were mixed in early trade on Tuesday, with financial shares weighing on the Saudi index.

Saudi Arabia's benchmark index .TASI dropped 0.6%, with Al Rajhi Bank 1120.SE shedding 1.3%, while oil giant Saudi Aramco 2222.SE was down 0.5%.

Separately, the kingdom's supermarket operator BinDawood Holding may price its initial public offering (IPO) at the top of its range after a bookrunner note said investors bidding below 96 Saudi riyal ($25.60) may not get an allocation.

Dubai's main share index .DFMGI lost 0.4%, driven down by a 0.9% fall in Emirates NBD Bank ENBD.DU and a 0.7% decrease in sharia-compliant lender Dubai Islamic Bank DISB.DU.

The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.4% gain in First Abu Dhabi Bank (FAB) FAB.AD.

FAB, the United Arab Emirates' largest lender, has hired banks to arrange an investor call ahead of an issuance of U.S. dollar-denominated bonds, a document showed.

In Qatar, the index .QSI added 0.6%, led by a 9.3% surge in United Development Company UDCD.QA.

($1 = 3.7505 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Andrew Cawthorne)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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