MIDEAST STOCKS Major Gulf markets trade mixed ahead of Eid holidays | Reuters

MIDEAST STOCKS Major Gulf markets trade mixed ahead of Eid holidays | Reuters

Major stock markets in the Gulf were mixed early on Monday in thin trade ahead of Eid al-Fitr holidays, with the Saudi index supported by financial shares.

Saudi Arabia's benchmark index (.TASI) edged up 0.2%, a day after trading flat. Saudi Telecom Company (7010.SE) rose 0.5%, while Saudi National Bank (1180.SE), the kingdom's largest lender, was up 0.3%.

Among others, Bank AlJazira (1020.SE) added 0.8%, as the lender announced redemption of its 2 billion riyals ($533.39 million) tier 2 sukuk.

However, Saudi Arabian supermarket retailer BinDawood Holding (4161.SE) retreated 1.4% following a decline in its first-quarter earnings.

In Dubai, the main share index (.DFMGI) fell 0.2%, hit by a 0.8% drop in its top developer Emaar Properties (EMAR.DU).

Budget airline Air Arabia gained 0.8%, despite reporting a fall in first-quarter earnings.

The Abu Dhabi benchmark (.ADI) dropped 0.6%, with First Abu Dhabi Bank (FAB.AD), the United Arab Emirates' largest lender, losing 1.1%, while aquaculture firm International Holding (IHC.AD) decreased about 1.5%.

Many investors prefer to cash in holdings ahead of the Eid holiday, which lasts for at least five days in most Gulf countries.

In Qatar, the index (.QSI) gained 0.1%, helped by a 0.4% rise in petrochemical firm Industries Qatar (IQCD.QA)

The Gulf Arab state on Sunday decided on gradually lifting coronavirus-related measures in four phases starting the first phase on May 28 and the fourth on July 30, the state news agency said, citing a health ministry statement.