MIDEAST STOCKS Gulf bourses mixed in early trade | Reuters
Stock markets in the Gulf were mixed early on Sunday, with bourses in the United Arab Emirates supported by corporate earnings reports.
Saudi Arabia's benchmark index (.TASI) was down 0.4%, extending losses from the previous session.
Saudi National Bank (1180.SE), the kingdom's largest lender, and petrochemical firm Saudi Basic Industries Corp (2010.SE) were both down 1.4%.
On Wednesday, the Saudi index registered sharp gains after Crown Prince Mohammed bin Salman said the kingdom had no plans to introduce income tax and a decision last July to triple value-added tax (VAT) to 15% was temporary. read more
The country tripled VAT to offset the impact of lower oil revenue on state finances, a move that shocked citizens and businesses expecting more support from the government during the COVID-19 pandemic.
Elsewhere, Riyad Bank (1010.SE) declined 1.5% following a drop in quarterly earnings.
Dubai's main share index (.DFMGI) gained 0.3%, with sharia-compliant lender Dubai Islamic Bank (DISB.DU) adding 0.7%, while budget airline Air Arabia (AIRA.DU), which resumed flights to Moscow on May 1, rose 2.3%.
Among others, Dubai Investments (DINV.DU), the diversified investment group, climbed 1.3% after the company reported a net profit of 123.8 million dirhams ($33.71 million) compared to a loss of 6.8 million dirhams a year earlier.
In Abu Dhabi, the index (.ADI) edged up 0.2%, helped by a 0.8% rise in telecoms firm Etisalat (ETISALAT.AD) which reported an increase in first-quarter net profit.
The telecoms operator is also considering refinancing a 1.2 billion euro bond note ($1.44 billion) maturing in June.
New issuance would improve the Etisalat group's financial flexibility and will be used for the repayment of the maturing bond, issued under Etisalat's global medium term note "GMTN" programme.
The Qatari benchmark (.QSI) fell 0.4%, hit by a 1.5% fall in petrochemical marker Industries Qatar (IQCD.QA).
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