Mideast Stocks - Major Gulf markets mixed; petrochemicals aid #Saudi shares | ZAWYA MENA Edition

Mideast Stocks - Major Gulf markets mixed; petrochemicals aid Saudi shares | ZAWYA MENA Edition:

Major stock markets in the Gulf were mixed in early trade on Sunday, with gains in petrochemical shares helping the Saudi index.

The kingdom's benchmark index rose 0.6%, with petrochemical maker Saudi Basic Industries advancing 2.3%, while Saudi Electricity Company leapt 3.7%.

A worsening global oil demand outlook will prompt OPEC to reverse a planned easing of oil cuts in 2021 with Saudi Arabia offering deeper cuts below its current quota, J.P. Morgan said on Friday in a research note.

Dubai's main share index edged up 0.1%, supported by a 1.7% rise in Aramex and a 1.5% increase in Emirates Integrated Telecommunications.

On Thursday, Aramex said it will book provisions of $15.1 million for damage caused to its warehouse facility in Beirut and partial damage to three storage chambers in Casablanca. 

The logistics firm, however, said it maintains comprehensive insurance coverage policies which should cover both incidents.

The Abu Dhabi index lost 0.4%, with First Abu Dhabi Bank, the United Arab Emirates' largest lender, dropping 0.5% and telecoms firm Etisalat down 0.4%.

In Qatar, the index declined 0.6%, driven down by a 1.3% fall Qatar National Bank and a 0.9% drop in petrochemical firm Industries Qatar.