Major Gulf markets little changed; #Dubai ends winning streak | Reuters

Major Gulf markets little changed; Dubai ends winning streak | Reuters

Major stock markets in the Gulf were little changed on Sunday in the absence of new catalysts to encourage buying, with Dubai closing flat after six days of rises.

Saudi Arabia’s benchmark index was flat, with Jabal Omar Development rising 4.1%, snapping three sessions of losses.

Dubai’s main share index traded flat, with its largest lender Emirates NBD Bank falling 0.9%.

The Abu Dhabi index gained 0.6%, with the country’s largest lender First Abu Dhabi Bank rising 1.4%.

Stocks in the United Arab Emirates registered gains in the week to Thursday, riding on a rally fuelled by optimism around COVID-19 vaccine developments.

UAE’s non-oil gross domestic product (GDP) is expected to grow by 3.6% in 2021, state news agency WAM reported on Saturday citing central bank estimates, suggesting the economy will rebound from an expected contraction in 2020.

In Qatar, the index concluded 0.2%, with petrochemical maker Industries Qatar advancing 2%, while Qatar National Bank firmed 0.8%.