MIDEAST STOCKS Major Gulf bourses mixed in early trade | Reuters

MIDEAST STOCKS Major Gulf bourses mixed in early trade | Reuters

Major stock markets in the Gulf traded mixed early on Sunday, with the Saudi index on course to end five sessions of gains.

Saudi Arabia's benchmark index (.TASI) fell 0.2%, hit by a 3.2% fall in Saudi Telecom Company (STC) shares (7010.SE) and a 0.3% decrease in Al Rajhi Bank (1120.SE).

Saudi Arabia's Public Investment Fund, the country's sovereign wealth fund, is considering selling part of its 70% stake in STC while retaining majority ownership, the state fund said on Thursday. read more

In Abu Dhabi, the index (.ADI) edged up 0.1%, helped by a 0.9% gain in the United Arab Emirates' largest lender First Abu Dhabi Bank (FAB.AD).

Elsewhere, shares of ADNOC Drilling (ADNOCDRILL.AD) jumped more than 30% as the unit of Abu Dhabi oil giant ADNOC started trading on Sunday after its $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market. read more

The IPO is the latest move by Gulf oil giants ADNOC and Saudi Aramco (2222.SE) to raise cash from outside investors as they try to diversify sources of income in their oil-dependent economies.

Dubai's main share index (.DFMGI) dropped 0.6%, with blue-chip developer Emaar Properties (EMAR.DU) falling 1.7% and Emirates NBD Bank (ENBD.DU) down 0.7%.

The United Arab Emirates is set for a gradual economic recovery, thanks in part to its strong response to the coronavirus crisis and a rebound in tourism, the International Monetary Fund said, but the risk of a pandemic resurgence clouds the outlook. read more

The Gulf's second largest economy suffered a deep recession last year as curbs against the pandemic hurt vital sectors such as trade and tourism, while record low oil prices weighed on petroleum revenues.

Also, Dubai ports giant DP World sees no early end to disruptions in global supply chains that have resulted in delays at ports and logistics hubs around the world, its chairman said on Friday. read more

The Qatari index (.QSI) added 0.5%, led by a 1.6% rise in Industries Qatar (IQCD.QA).