Mideast Stocks: Major Gulf markets trade mixed ahead of Eid holidays

Sa Sa International Holdings

10/05/2021 08:50

May 10 (Reuters) - Major stock markets in the Gulf were
mixed early on Monday in thin trade ahead of Eid al-Fitr
holidays, with the Saudi index supported by financial shares. 
    Saudi Arabia's benchmark index  .TASI  edged up 0.2%, a day
after trading flat. Saudi Telecom Company  7010.SE  rose 0.5%,
while Saudi National Bank  1180.SE , the kingdom's largest
lender, was up 0.3%.
    Among others, Bank AlJazira  1020.SE  added 0.8%, as the
lender announced redemption of its 2 billion riyals ($533.39
million) tier 2 sukuk.  urn:newsml:reuters.com:*:nFWN2MU2T9
    However, Saudi Arabian supermarket retailer BinDawood
Holding  4161.SE  retreated 1.4% following a decline in its
first-quarter earnings.  urn:newsml:reuters.com:*:nFWN2MU2NP
    In Dubai, the main share index  .DFMGI  fell 0.2%, hit by a
0.8% drop in its top developer Emaar Properties  EMAR.DU .
    Budget airline Air Arabia gained 0.8%, despite reporting a
fall in first-quarter earnings.
    The Abu Dhabi benchmark  .ADI  dropped 0.6%, with First Abu
Dhabi Bank  FAB.AD , the United Arab Emirates' largest lender,
losing 1.1%, while aquaculture firm International Holding
 IHC.AD  decreased about 1.5%.
    Many investors prefer to cash in holdings ahead of the Eid
holiday, which lasts for at least five days in most Gulf
countries.
    In Qatar, the index  .QSI  gained 0.1%, helped by a 0.4%
rise in petrochemical firm Industries Qatar  IQCD.QA   
    The Gulf Arab state on Sunday decided on gradually lifting
coronavirus-related measures in four phases starting the first
phase on May 28 and the fourth on July 30, the state news agency
said, citing a health ministry statement.  urn:newsml:reuters.com:*:nL4N2MW0EO

($1 = 3.7496 riyals)

 (Reporting by Ateeq Shariff in Bengaluru, editing by Ed Osmond)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))