MIDEAST STOCKS-Major Gulf markets mixed in early trade | Nasdaq

MIDEAST STOCKS-Major Gulf markets mixed in early trade | Nasdaq

Major stock markets in the Gulf were mixed in early trade on Tuesday, with financial shares lifting the Dubai index.

Saudi Arabia's benchmark index .TASI fell 0.1%, with oil behemoth Saudi Aramco 2222.SE dropping 0.4%, while the country's largest lender National Commercial Bank 1180.SE was down 0.6%.

Meanwhile, Credit Suisse CSGN.S said on Monday it had opened a branch in Riyadh to offer wealthy Saudi Arabian clients a greater range of financial services, after obtaining a local banking licence in 2019.

Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to privatise state assets and introduced reforms to attract foreign capital under its Vision 2030 programme to reduce the economy's dependence on oil.

Dubai's main share index .DFMGI gained 0.2%, supported by a 1% increase in sharia-compliant lender Dubai Islamic Bank DISB.DU and a 0.2% rise in Emirates NBD Bank ENBD.DU.

The non-oil sector in the Middle East's tourism and business hub Dubai returned to growth in December, although the expansion was modest as employment fell and sentiment for the new year was subdued, the seasonally adjusted IHS Markit Dubai Purchasing Managers' Index survey showed.

Dubai has been hit hard by the coronavirus crisis and its economy is expected to have contracted by 6.2% in 2020.

In Abu Dhabi, the index .ADI edged up 0.1%, with the United Arab Emirates' largest lender First Abu Dhabi Bank FAB.AD rising 0.3%.

The Qatari index .QSI slipped 0.2%, hit by a 1.5% fall in Commercial Bank COMB.QA and a 0.5% decrease in Industries Qatar IQCD.