Most major Gulf markets ease in early trade; #Saudi gains | Reuters

Most major Gulf markets ease in early trade; Saudi gains | Reuters

Most major stock markets in the Gulf fell in early trade on Sunday, with the Dubai index pressured by a string of disappointing earnings, although Saudi Arabia bucked the trend.

Saudi Arabia’s benchmark index, the regional outlier, advanced 1.1%, buoyed by a 4% jump in Al Rajhi Bank.

The lender is on track to extend gains for a eighth consecutive session after it reported annual net profit of 10.60 billion riyals ($2.83 billion), up from 10.16 billion a year earlier.

Dubai’s main share index fell 0.4%, hit by a 3.2% drop in DAMAC Properties after it reported a steep loss for 2020 as sales shrank during the coronavirus pandemic.

The Dubai developer had rallied in January amid the United Arab Emirates’ immunisation campaign, but a subsequent rise in coronavirus cases in the country dented sentiment.

Among others, Mashreq Bank retreated 5%. Last week, the lender posted a full-year loss.

In Abu Dhabi, the index eased 0.2%, with the country’s largest lender First Abu Dhabi Bank falling 0.5%.

The Qatari index lost 0.3%, pulled down by a 0.9% drop in Qatar Islamic Bank and a 0.4% decrease in petrochemical firm Industries Qatar.