World Markets

MIDEAST STOCKS-Major Gulf markets mixed in early trade, Dubai index up

Credit: REUTERS/HAMAD I MOHAMMED

Major stock markets in the Gulf were mixed early on Thursday, in the absence of fresh factors to trade on, with top lender Emirates NBD boosting the Dubai index.

Oct 22 (Reuters) - Major stock markets in the Gulf were mixed early on Thursday, in the absence of fresh factors to trade on, with top lender Emirates NBD ENBD.DU boosting the Dubai index.

Saudi Arabia's benchmark index .TASI fell 0.2%, hurt by a 0.8% drop in National Commercial Bank 1180.SE and a 1.4% retreat in Etihad Etisalat (Mobily) 7020.SE despite reporting a higher third-quarter profit.

Saudi Telecom Company 7010.SE, however, gained 0.6% following an increase in its quarterly net profit.

Dubai's main share index .DFMGI rose 0.3%, with its largest lender Emirates NBD ENBD.DU gaining 0.7% and DAMAC Properties DAMAC.DU advancing 3.6%. DAMAC was on track to extend gains from the previous session.

There has been speculation about possible plans to take the company private but no final decision has been taken yet.

Hussain Sajwani, DAMAC's founder and chairman, has been exploring the deal since late-2019 after the firm's share price plunged over the past two years.

The Abu Dhabi index .ADI added 0.1%, helped by a 1.4% increase in Aldar Properties ALDAR.AD.

In Qatar, the index .QSI lost 0.4%, driven down by a 0.7% fall in the Gulf's largest lender Qatar National Bank QNBK.QA and a 2.8% decline in United Development Company UDCD.QA.

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V)

((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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