Major Gulf markets off to a mixed start | Reuters

Major Gulf markets off to a mixed start | Reuters:

Major stock markets in the Gulf were mixed in early trade, with the Saudi bourse on track to extend gains from the previous session, while financial shares weighed on the Dubai index.

Saudi Arabia's benchmark index .ADI rose 0.4%, led by a 1.7% gain in Riyad Bank 1010.SE and a 3.5% jump in utility the Saudi Electricity Company 5110.SE.

The kingdom plans to cut spending by 7.5% in next year’s budget to 990 billion riyals ($263.95 billion) but expects the economy to return to growth as its management of the coronavirus crisis improves, a preliminary budget statement showed.

Elsewhere, Rabigh Refining And Petrochemical 2380.SE advanced 4.1% after it signed joint revolving loans and facility agreements worth 7.5 billion riyals.

Dubai's main share index .DFMGI lost 0.7%, with Emirates NBD Bank ENBD.DU dropping 0.9%, while blue-chip developer Emaar Properties EMAR.DU was down 0.4%.

Trading in shares of Arabtec Holding ARTC.DU remained suspended after it retreated 3.3% in the previous session ahead of its shareholders' meeting.

On Wednesday, the shareholders of the Dubai-listed construction company authorised the board to file for liquidation due to its untenable financial position following the fallout from the COVID-19 pandemic, Reuters reported, citing an internal company email.
Shareholders also authorised Arabtec to appoint AlixPartners and Matthew Wilde, or any other person or persons the board considered fit, as liquidator, two sources told Reuters.
Arabtec has yet to disclose the results of the shareholders’ meeting.
The Abu Dhabi index .ADI fell 0.4%, weighed down by a 0.5% drop in the country's largest lender First Abu Dhabi Bank FAB.AD and a 2.1% decline in aquaculture firm International Holding IHC.AD.
In Qatar, the index .QSI rose 0.4%, driven by a 1.6% rise in Qatar Islamic Bank QISB.QA and a 1% increase in petrochemical maker Industries Qatar IQCD.QA.