MIDEAST STOCKS-Major Gulf stock markets get off to a weak start - Reuters

MIDEAST STOCKS-Major Gulf stock markets get off to a weak start - Reuters:

Major stock markets in the Gulf were subdued in early trade on Wednesday, with banking and real estate shares weighing on indexes in the United Arab Emirates.

The benchmark index in Saudi Arabia, which has the highest number of cases in the six-nation Gulf Cooperation Council, eased 0.1%. Petrochemical firm Saudi Basic Industries fell 0.3%, while oil behemoth Saudi Aramco edged down 0.2%.

The kingdom is pressing on with plans to double the size and population of its capital city in the next decade, a government official said, despite an economic downturn due to the coronavirus crisis and low oil prices.

In Dubai, the index slipped 0.2%, with blue-chip developer Emaar Properties falling 1.1% and its unit Emaar Malls losing 1.4%.