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 were mixed in early trade on Sunday, with the Saudi Index outperforming the region amid rising oil prices.

Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted U.S. prices to their highest in almost seven years, with big power users struggling to meet demand. read more

Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 3.4% rise in Al Rajhi Bank (1120.SE) and 1.3% gain in petrochemical maker Saudi Basic Indutries (2010.SE).

In Abu Dhabi, the index (.ADI) edged up 0.1%, with conglomerate International Holding Co (IHC) (IHC.AD) rising 1%, while its unit Alpha Dhabi Holding (ALPHADHABI.AD) advanced 1.4%.

IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirhams ($45.20 million) deal, Reuters reported a company source as saying. read more

Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).

Average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. read more

Even before the pandemic, the long-term economic trend in the United Arab Emirates had been sluggish since the 2014-2015 oil price crash. Supply has outpaced demand for new houses and apartments for years in a market where most of the population are foreigners, many of whom left during the pandemic.

The Qatari benchmark (.QSI) added 0.2%, supported by a 1% increase in Commercial Bank (COMB.QA) and a 1.8% rise in Mesaieed Petrochemical (MPHC.QA).