MIDEAST STOCKS-Most major Gulf markets fall; Abu Dhabi gains | Nasdaq

MIDEAST STOCKS-Most major Gulf markets fall; Abu Dhabi gains | Nasdaq

Most major Gulf markets were negative early on Wednesday, with property shares weighing on the Dubai index, while Abu Dhabi bucked the trend.

Saudi Arabia's benchmark index .TASI slipped 0.1%, with oil giant Saudi Aramco 2222.SE and petrochemical firm Saudi Basic Industries 2010.SE both falling 0.6%.

However, the National Commercial Bank (NCB) 1180.SE advanced 1.5% after it reported on Tuesday a nearly 24% rise in third-quarter net profit, as net commission income rose and impairment charges dropped.

The kingdom's largest lender posted a net profit of 3.16 billion riyals ($842.60 million) in the quarter ended Sept. 30, up from 2.55 billion in the same period a year earlier.

Dubai's main share index .DFMGI fell 0.2%, hurt by a 1.8% drop in blue-chip developer Emaar Properties EMAR.DU and a 1.4% decline in its unit Emaar Malls EMAA.DU.

The Abu Dhabi index .ADI rose 0.4%, led by a 5.2% jump in aquaculture company International Holding IHC.AD and a 0.7% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.

In Qatar, the index .QSI dropped 0.5%, dragged down by a 0.9% fall in the Gulf's largest lender Qatar National Bank QNBK.QA and a 1.3% decrease in Commercial Bank COMB.QA.

Elsewhere, Qatar Insurance QINS.QA retreated 1.8%. The insurer posted a net loss of 147.4 million riyals ($40.49 million) for the first nine months of 2020, compared to a profit of 485.2 million riyals a year earlier.