MIDEAST STOCKS-Major Gulf markets little changed in early trade | Nasdaq

MIDEAST STOCKS-Major Gulf markets little changed in early trade | Nasdaq

Major stock markets in the Gulf were little changed on Monday in the absence of new factors to encourage buying, with Dubai on track to end two sessions of gains.

Saudi Arabia's benchmark index .TASI edged up 0.2%, supported by a 0.3% rise in Al Rajhi Bank 1120.SE and a 1.6% increase in Saudi Cement 3030.SE.

Most cement producers traded in positive territory with Tabuk Cement 3090.SE leading the gains, after the kingdom's crown prince unveiled plans on Sunday to build a zero-carbon city at NEOM, the first major construction project for the $500 billion flagship business zone aimed at diversifying the economy of the world's largest oil exporter.

Tabuk Cement surged 7.5% to become the top percentage gainer on the index.

Prince Mohammed bin Salman told reporters in the northwestern city of Al Ula that the project was the result of three years of preparation, adding that its infrastructure would cost $100-200 billion.

Dubai's main share index .DFMGI lost 0.1%, with blue-chip developer Emaar Properties EMAR.DU falling 1%.

In Abu Dhabi, the index .ADI added 0.1%, helped by a 0.4% gain in First Abu Dhabi Bank (FAB) FAB.AD.

FAB, the largest lender in the United Arab Emirates, sold sukuk, or Islamic bonds, worth $500 million on Thursday, as Gulf issuers start tapping debt investors in what is likely to be another record year for regional bonds.

The Qatari index .QSI eased 0.1%, with the petrochemical maker Industries Qatar IQCD.QA shedding 0.9%.