Major Gulf markets mixed in early trade | Reuters

Major Gulf markets mixed in early trade | Reuters

Major Gulf stocks were mixed early on Thursday, with Dubai on track to extend losses from the previous session weighed by rising COVID-19 cases.

Dubai’s main share index fell 1.2%, with blue-chip developer Emaar Properties dropping 2% and Dubai Investments retreating 4.9%.

A second wave of coronavirus infections threatens to upend a tourism boom in Dubai which provided a salve to its battered economy.

Dubai, one of the few destinations open to international travellers since July, has yet to impose the toughest restrictions after record daily infections in the UAE, in the hopes that vaccinations will spare a repeat of last year’s lockdown.

In Abu Dhabi, the index slipped 0.1% hit by Abu Dhabi Commercial Bank falling 1.2%.

Saudi Arabia’s benchmark index edged up 0.2%, helped by Al Rajhi Bank gaining 1.3% and Saudi Arabian Mining Company (Ma’aden) jumping 4.4%.

On Wednesday, Ma’aden reported a full-year net loss of 208.9 million riyals ($55.69 million), compared with a loss of 739.5 million riyals a year earlier.

The kingdom’s non-oil private sector grew strongly in January, its fifth straight month of expansion, as output soared and firms were hopeful of a substantial economic recovery, a survey showed on Wednesday.

The Qatari index added 0.3%, boosted by the Gulf’s largest lender Qatar National Bank gaining 0.6%.