MIDEAST STOCKS-Major Gulf indexes off to mixed start | Nasdaq

MIDEAST STOCKS-Major Gulf indexes off to mixed start | Nasdaq

Major Gulf stock markets were mixed in early trade on Thursday with the Abu Dhabi index leading gains boosted by top lender First Abu Dhabi Bank.

Saudi Arabia's benchmark index .TASI edged up 0.1%, with petrochemical maker Saudi Basic Industries 2010.SE rising 0.5%.

Dubai's main share index .DFMGI eased 0.1%, hurt by a 0.5% fall in Emirates NBD Bank ENBD.DU and a 0.6% decrease in blue-chip developer Emaar Properties EMAR.DU.

Emaar, which has developed some of Dubai's most popular and expensive neighbourhoods, has halted new building work after a construction boom in recent years led to oversupply in the Gulf city, its chairman said on Monday.

It was not immediately clear when Emaar had ceased new building work, although Reuters had reported in April, citing sources, that the company had suspended work on major new projects.

In Abu Dhabi, the index .ADI gained 0.9%, buoyed by a 2.3% rise in the United Arab Emirates' largest lender, First Abu Dhabi Bank FAB.AD.

On Wednesday, ratings agency Fitch affirmed its rating on First Abu Dhabi Bank's long-term issuer default rating (IDR) at 'AA-' and retained its stable outlook.

The Abu Dhabi Emergency, Crisis and Disaster Committee is working with local authorities in the UAE capital to resume all economic, cultural, tourist and entertainment activities within two weeks, state Abu Dhabi Media said on Wednesday.

The Qatari index .QSI lost 0.3%, weighed down by a 1.4% fall in petrochemical firm Industries Qatar IQCD.QA.