MIDEAST STOCKS- #UAE bourses gain in early trade while #Saudi, #Qatar dip - Reuters

MIDEAST STOCKS-UAE bourses gain in early trade while Saudi, Qatar dip - Reuters:

The Dubai stock market rose early on Wednesday, holding on track for a third straight session of gains, while other major Gulf markets moved sideways.

Dubai’s main share index added 0.6%, with its largest lender Emirates NBD gaining 1.4% and blue-chip developer Emaar Properties rising 0.7%.

Emirates NBD began cutting hundreds of jobs this week after the impact of the coronavirus crisis accelerated planned lay-offs, Reuters reported, citing three sources.

Although the full scale of the redundancies was not immediately clear, one source estimated that the lender is cutting some 10% of its staff, equivalent to around 800 people.