Major Gulf bourses mixed in early trade | Reuters

Major Gulf bourses mixed in early trade | Reuters

Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index on track to end a four-day losing streak.

Oil prices settled higher on Friday, supported by expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, would maintain production cuts.

OPEC+ forecasts are still higher than those of the International Energy Agency (IEA), which expects oil demand to grow by 5.5 million bpd in 2021 and 3.3 million bpd in 2022.

Saudi Arabia's benchmark index (.TASI) added 0.2%, with Al Rajhi Bank (1120.SE) rising 0.4%. Oil behemoth Saudi Aramco (2222.SE) gained more than 1%, following a sharp rise in quarterly earnings, boosted by higher crude oil prices and volumes sold, beating analysts forecasts.

Aramco's net income jumped to $30.4 billion for the third-quarter from $11.8 billion a year earlier.

The kingdom intends to bid to host the Expo 2030 world fair, Saudi Crown Prince Mohammed bin Salman said on Friday, part of the de facto ruler's push to transform the kingdom's economy and diversify it away from oil. read more

In Abu Dhabi, the index (.ADI) added 0.3%, helped by a 1.2% rise in conglomerate International Holding (IHC.AD) and a 0.7% increase in Aldar Properties (ALDAR.AD).

Dubai's main share index (.DFMGI) lost 0.3%, weighed down by a 0.7% fall in Emirates NBD Bank (ENBD.DU).

However, the index's losses were limited by a 8.8% surge in developer DAMAC Properties (DAMAC.DU).

On Thursday, DAMAC said its board had unanimously recommended minority shareholders accept founder Hussain Sajwani's offer to buy them out and delist the company.

If the recommendation is accepted, BlackRock, State Street and other minority shareholders will receive 1.4 dirhams ($0.3812) in exchange for each share that they hold, according to the offer.

The Qatari index (.QSI) fell 0.3%, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.3% and Qatar National Bank (QNBK.QA) retreating 1.2%.