Mideast Stocks-Major Gulf markets mixed in early trade | ZAWYA MENA Edition

Mideast Stocks-Major Gulf markets mixed in early trade | ZAWYA MENA Edition

Major share markets in the Gulf were mixed on Sunday as stocks did not react significantly to Joe Biden's victory in the U.S. presidential election, though gains in petrochemical shares lifted the Saudi bourse.

The kingdom's benchmark index rose 0.6%, with petrochemical maker Saudi Basic Industries gaining 2.7%, while Al Rajhi Bank was up 1%.

While Trump had cozy relationships with what critics say are increasingly authoritarian leaders in countries such as Saudi Arabia, Egypt and Turkey, Biden has promised to take a tough line on human rights.

Dubai's main share index gained 0.5%, led by a 1.4% rise in its largest lender Emirates NBD and a 2% increase in Emaar Properties.

Back in Saudi Arabia, Banque Saudi Fransi slid 1% following a drop in its quarterly profit.

In Abu Dhabi, the index lost 0.3%, hurt by a 1.4% fall in the country's largest lender First Abu Dhabi Bank .

The Qatari index dropped 0.4%, as most of the stocks were in negative territory including Qatar National Bank , which retreated 1.3%.