Most Gulf markets fall in early trade; #Qatar rises | Reuters

Most Gulf markets fall in early trade; Qatar rises | Reuters

Most major stock markets in the Gulf retreated early on Wednesday, with Saudi Arabia on track to extend losses for a fourth consecutive session as it imposed further restrictions aimed at curbing the spread of coronavirus.

Saudi Arabia’s benchmark index fell 0.7%, with the country’s largest lender National Commercial Bank falling 1.4% and Dr Sulaiman Al-Habib Medical Services losing 1.2%.

However, Al Rajhi Bank edged up 0.1% after it reported a higher full-year profit.

Saudi Arabia on Tuesday suspended entry to the kingdom from 20 countries, with the exception of diplomats, Saudi citizens, medical practitioners and their families, to help curb the spread of the coronavirus.

Last week, Saudi Arabia extended its travel ban for citizens and port closures to May 17 from March 31.

The health minister had said deliveries of COVID-19 vaccines are being delayed.

In Dubai, the index lost 0.6%, weighed down by a 1% drop in blue-chip developer Emaar Properties and 2.4% slide in Dubai Investments.

Dubai will begin vaccinating people with the Oxford-AstraZeneca COVID-19 shot, the state media office said on Tuesday, as the United Arab Emirates battles its biggest outbreak since the pandemic began.

The first shipment has arrived from India, the media office said in a tweet. It did not say how many doses were received or when inoculations would start.

The Abu Dhabi index edged down 0.2%, hit by a 0.5% fall in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

In Qatar, the index bucked the trend to trade 0.4% higher, with telecom major Ooredoo advancing 2.5%.

The Gulf state is planning to meet fixed income investors starting in mid-February, Reuters reported citing two sources, ahead of a potential sale of international bonds.