Most Gulf markets fall in early trade; #Qatar gains | Reuters

Most Gulf markets fall in early trade; Qatar gains | Reuters

Most stock markets in the Gulf fell in early trade on Monday, with the Abu Dhabi index retreating from a record high, while the Qatari index bucked the trend to trade higher.

In Abu Dhabi, the index (.ADI) dropped 0.4%, a day after it reached an all-time high, pressured by a 1.1% fall in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.8% decline in Alpha Dhabi Holding (ALPHADHABI.AD).

Aldar Properties (ALDAR.AD) on Sunday said it would create employment opportunities for 1,000 UAE nationals over the next five years. However, Aldar shares were down 0.8%.

Saudi Arabia's benchmark index (.TASI) lost 0.2%, on course to extend losses from the previous session, with Al Rajhi Bank (1120.SE) declining 1.2%, while Saudi Arabian Mining Company (1211.SE) slid 2.8%, despite reporting a strong quarterly earnings.

Meanwhile, the kingdom wants to be the biggest supplier of hydrogen, Energy Minister Prince Abdulaziz bin Salman al-Saud said on Sunday. read more

This comes at a time calls for reductions in fossil-fuel investment and a shift towards renewable energy sources have been growing worldwide.

Dubai's main share index (.DFMGI) declined 0.8%, dragged down by a 1.1% drop in Emirates NBD Bank (ENBD.DU) and a 4% decrease in logistic firm Aramex (ARMX.DU), to end a four-day winning streak.

In the previous two sessions Aramex rose about 24%, following a direct deal worth 1.41 billion dirhams ($383.90 million) for its 295 million shares.

Union Properties (UPRO.DU) extended losses to trade 0.4% lower. The United Arab Emirates attorney general has announced an investigation into allegations of financial violations by the chairman and other officials of Union Properties, Reuters reported on Sunday, citing state-news agency WAM. read more

The Qatari index (.QSI) gained 0.2%, with petrochemical maker Industries Qatar (IQCD.QA) advancing 1.4% ahead of its earnings announcement.

Among other gainers, Commercial Bank (COMB.QA) added 0.9% after it posted strong earnings for the first nine months of 2021.