Major Gulf exchanges in mixed terrain

Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index extending gains from the previous session, while Dubai dipped into the red on profit-taking.

Saudi Arabia’s benchmark index (.TASI) added 0.3 per cent, with Al Rajhi Bank (1120.SE) gaining 0.9 per cent and petrochemical maker Saudi Basic Industries Corp (2010.SE) advancing 1.1 per cent.

On Wednesday Capital Market Authority approved intial public offering of Saudi Tadawul Group, the owner and operator of the country’s stock market.

Ratings agency Moody’s changed Saudi Arabia’s outlook on Friday to “stable” from “negative”, saying it was likely the government would reverse most of its 2020 debt increase while preserving fiscal buffers.

But oil giant Saudi Aramco (2222.SE) fell 0.7 per cent, as the stock traded ex-dividend.

Dubai’s main share index (.DFMGI) dropped 0.6 per cent, weighed down by a 1.3 per cent fall in blue-chip developer Emaar Properties (EMAR.DU) and a 3.1 per cent retreat in Dubai Investments (DINV.DU).

On the other hand, the Dubai Financial Market (DFM.DU) leapt 8.8 per cent, extending gains for a fourth session, following the emirate’s plans to launch a 2 billion dirham ($545 million) market-maker fund and initial public offerings.

The Dubai government plans a stock market flotation of Dubai Electricity & Water Authority (Dewa), it said on Tuesday, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.

In Abu Dhabi, the index (.ADI) eased 0.1 per cent, with telecoms giant Etisalat (ETISALAT.AD) losing 0.7 per cent.

Meanwhile, Abu Dhabi’s Department of Energy announced nine new projects that will contribute to the United Arab Emirates’ Net Zero by 2050 strategic initiative, the Emirate’s media office said in a statement on Friday.

The Gulf state last month announced a plan for net-zero emissions by 2050 and would oversee 600 billion dirhams in investment in renewable energy.

The Qatari index (.QSI) added 0.1 per cent, led by a 0.9 per cent increase in Qatar Islamic Bank (QISB.QA).