Most Gulf markets fall as virus resurgence weighs | Reuters

Most Gulf markets fall as virus resurgence weighs | Reuters

Most major Gulf stock markets fell in early trade on Monday, with the Dubai index leading the losses, as a second wave of coronavirus infections jolted the tourism boom and dented investor appetite.

Dubai, one of the few destinations open to international travellers since July, has yet to impose tough restrictions despite record daily infections in the UAE. Investors are hopeful that the rollout of COVID-19 vaccines will cushion the impact from the pandemic.

In Dubai, the index have retreated 0.7%, on track to extend losses for a fifth consecutive session.

Logistic firm Aramex declined 2.2%, while the Dubai’s largest lender Emirates NBD fell 0.4%.

Saudi Arabia’s benchmark index eased 0.2%, with oil giant Saudi Aramco and National Commercial Bank, the kingdom’s largest lender, losing 0.6% each.

Etihad Etisalat gained 0.5% after reporting a sharp rise in its annual profit.

In Abu Dhabi, the index added 0.2%, supported by a 0.4% rise in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

The Qatari index dipped 0.1%, pulled down by losses in Qatar Islamic Bank.