June 19, 2021, 9:24

    MIDEAST STOCKS Major Gulf indexes mixed in early trade

    MIDEAST STOCKS Major Gulf indexes mixed in early trade

    Major Gulf stocks were mixed in early trade on Thursday, with the Saudi Arabia index on track to gain for a fourth consecutive session, buoyed by banking shares.

    Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) gaining 0.6% and Saudi National Bank (1180.SE) advancing 0.4%.

    Separately, Saudi Arabia's sovereign wealth fund, the Public Investment Fund, said on Tuesday it has established two deputy governor roles to support the $430 billion fund's continued growth and expansion. read more

    The fund is expected to inject at least $40 billion annually into the local economy until 2025, and increase its assets to $1 trillion by that date.

    Pressured by financials and property shares, Dubai's index (.DFMGI) slid 0.2%, extending losses to a third day in a row, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) declining 0.8% and blue-chip developer Emaar Properties (EMAR.DU) shedding 0.3%.

    In Abu Dhabi, the index (.ADI) fell 0.2%, snapping four consecutive sessions gains, as market heavyweight First Abu Dhabi Bank (FAB.AD) decreased 0.5% and Abu Dhabi Islamic Bank (ADIB.AD) declined 1.4%.

    Elsewhere, Abu Dhabi state investor Mubadala said on Tuesday it has joined a consortium led by U.S.-based EIG Global Energy Partners that had agreed to buy a 49% equity stake in Aramco Oil Pipelines Co. read more

    Qatar's index (.QSI) edged up 0.1%, helped by a 1.3 gain in petrochemical maker Industries Qatar (IQCD.QA) and a 0.6% rise in the Gulf's largest lender, Qatar National Bank (QNB) (QNBK.QA).

    ($1 = 3.7503 riyals)

    ($1 = 3.6728 UAE dirham)

    Sourse: reuters.com

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