MIDEAST STOCKS-Most Gulf markets rise in early trade; #Dubai stocks ease | Nasdaq

MIDEAST STOCKS-Most Gulf markets rise in early trade; Dubai stocks ease | Nasdaq

Most major markets in the Gulf traded higher early on Wednesday, with Saudi Basic Industries Corp (SABIC) 2010.SE supporting the Saudi index.

The kingdom's benchmark index .TASI rose 0.4%, with SABIC, the world's 4th-biggest petrochemicals firm, advancing 1.2%, after it proposed a second-half dividend of 1.5 riyal per share.

Meanwhile, Saudi Arabia announced a 990 billion riyal ($263.91 billion) budget for 2021 on Tuesday, around 7% less than estimated spending for this year, as the world's biggest oil exporter seeks to tame a huge deficit caused by lower petroleum revenue and the coronavirus crisis.

The kingdom expects the economy to shrink by 3.7% this year but to swing back to 3.2% growth next year.

Dubai's main share index .DFMGI, however, eased 0.1%, hit by a 0.9% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.6% retreat in logistic firm Aramex ARMX.DU.

Dubai's non-oil private sector shrank for a second consecutive month in November as the pandemic drove business sentiment to a historic low, a survey showed on Monday.

The seasonally adjusted IHS Markit Dubai Purchasing Managers' Index (PMI) declined to 49.0 in November from 49.9 in October.

The Abu Dhabi index .ADI added 0.2%, bolstered mainly by a 0.6% gain in telecoms firm Etisalat ETISALAT.AD and a 0.3% increase in the country's largest lender First Abu Dhabi Bank FAB.AD.

In Qatar, the index .QSI edged up 0.2%, led by a 1% rise in the Gulf's biggest lender Qatar National Bank QNBK.