MIDEAST STOCKS Most major Gulf markets slip in early trade, set for weekly gains | Reuters

MIDEAST STOCKS Most major Gulf markets slip in early trade, set for weekly gains | Reuters

Most Gulf stock markets fell in early trade on Thursday, with Dubai leading losses, though the markets were on track for their weekly gains.

The Dubai index (.DFMGI) fell 0.5%, but the benchmark was on track for a fifth weekly gain. Emirates NBD Bank (ENBD.DU) dropped 1.4% and Emaar Properties (EMAR.DU) lost 0.5%.

Emaar, which along with its subsidiaries has an outstanding debt of $817.25 million, has hired banks for issuance of U.S. dollar-denominated Islamic bonds, sources said. read more

The Abu Dhabi index (.ADI) was down 0.2%. First Abu Dhabi Bank (FAB.AD) fell 0.6% and Emirates Telecommunications Group (ETISALAT.AD) lost 0.2%.

The index is heading for a fifth weekly rise.

Business activity in the United Arab Emirates' non-oil private sector expanded for a sixth consecutive month in May, as the seasonally adjusted IHS Markit UAE Purchasing Managers' Index (PMI), which covers manufacturing and services, edged down to 52.3 from 52.7 in April. read more

Saudi Arabia's index (.TASI) was flat as the gains led by real estate sector were outweighed by the financial shares. Riyad Bank (1010.SE) decreased 0.7%, while Jabal Omar Development (4250.SE) rose 0.6%.

The Saudi index is on track for a fourth consecutive weekly gain.

Saudi Arabia's non-oil private sector expanded for the ninth consecutive month in May, as its PMI rose to 56.4 from 55.2 in April. read more

Qatar's index (.QSI) was down 0.1%, with financial and industrial stocks dragging the index most. The index was up 0.2% for the week.

Industries Qatar (IQCD.QA) shed 0.4% and Commercial Bank (COMB.QA) eased 0.5%.

Commercial Bank offered to buy an additional 15.2% stake in National Bank of Oman (NBOB.OM) for 49.4 million rials.