MIDEAST STOCKS Major Gulf markets mixed in early trade

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An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

June 20 (Reuters) – Major Gulf stock markets were mixed in early trade on Sunday with the Abu Dhabi index leading gains boosted by top lender First Abu Dhabi Bank.

The benchmark index (.TASI) in Saudi Arabia, fell 0.3%, with Al Rajhi Bank (1120.SE) losing 0.9% and petrochemical firm Saudi Basic Industries (2010.SE) easing 0.7%.

The kingdom’s April crude oil exports fell to their lowest level since June 2020, official data showed on Thursday. read more

OPEC and its allies agreed to extend most oil output cuts into April but Saudi Arabia said it would extend its voluntary oil output cut of 1 million bpd, and would decide in following months when to gradually phase it out. read more

The country’s gross domestic product also shrank 3% in the first quarter, slightly less than official estimates and compared with a 1% contraction last year, as a sharp fall in the oil sector pulled back the economy, data showed. read more

Dubai’s main share index (.DFMGI) dropped 0.4%, hit by a 1% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 0.4% decrease in Emirates NBD Bank (ENBD.DU).

In Abu Dhabi, the index (.ADI) added 0.2%, supported by a 0.7% rise in the country’s largest lender First Abu Dhabi Bank (FAB.AD) and a 0.5% increase in aquaculture firm International Holdings (IHC.AD).

The central bank of the United Arab Emirates said the country’s gross domestic product will grow 2.4% this year and 3.8% in 2022 as the economy recovers from restrictions imposed during the COVID pandemic. read more

In Qatar, the index (.QSI) edged up 0.1%, with Qatar Islamic Bank (QISB.QA) gaining 0.5%.

Last week, ratings agency Fitch affirmed Qatar at ‘AA-‘ with a stable outlook.

Reporting by Ateeq Shariff in Bengaluru
Editing by Raissa Kasolowsky

Our Standards: The Thomson Reuters Trust Principles.

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