MIDEAST STOCKS- #UAE stocks slip after first cases of new virus variant detected | Nasdaq

MIDEAST STOCKS-UAE stocks slip after first cases of new virus variant detected | Nasdaq

Stock markets in the United Arab Emirates (UAE) fell in early trade on Wednesday after the country reported confirmed cases of the new variant of the coronavirus.

UAE discovered a "limited number" of cases of people infected with the variant, marking the first confirmed cases of the more contagious COVID-19 mutant in the Gulf region.

UAE, unlike Saudi Arabia, has not closed its border amid concerns over the mutant.

The Dubai index .DFMGI fell 0.4%. Emaar Properties EMAR.DU led the declines, falling 1.1%. Emirates ENBD Bank ENBD.DU shed 0.5%.

DXB Entertainments DXBE.DU fell 4.4%, extending its losses to a seventh day since Meraas intended to make a conditional offer to acquire the remaining shares and take it private.

Abu Dhabi's index .ADI edged down 0.1%, with First Abu Dhabi Bank FAB.AD losing 0.2% and Abu Dhabi National Insurance ADNIC.AD declining 4.9%.

In Saudi Arabia, the benchmark index .TASI was up 0.1%, supported by 0.4% gain at Al Rajhi Bank 1120.SE and a 1.6% rise in Saudi Cement 3030.SE.

Elsewhere, the shopping centres owner Arabian Centres 4321.SE gained 1.8% after it proposed to distribute a cash dividend of 0.5 riyal per share for the first half of the year.

The Qatari index .QSI was trading flat. Telecoms company Ooredoo ORDS.QA fell 2% in its third straight day of losses.

On Monday, Ooredoo and Hong Kong conglomerate CK Hutchison Holdings 0001.HK said they were exploring a deal to merge their Indonesian units.

Among the gainers, Qatar Electricity and Water QEWC.QA and Qatar Fuel QFLS.QA rose 1.3% and 1%, respectively.