Most Gulf bourses firm in early trade; #Dubai falls | Reuters

Most Gulf bourses firm in early trade; Dubai falls | Reuters

Most Gulf stock markets firmed in early trade on Wednesday amid rising oil prices, although the Dubai index was dragged down by bluechips.

Saudi Arabia's benchmark index (.TASI) edged up 0.1%, with Al Rajhi Bank (1120.SE) rising 0.4% and Saudi National Bank (1180.SE), the kingdom's largest lender, gaining 0.8%.

Saudi Arabia sold $3.25 billion in dual-tranche bonds on Tuesday, comprising a sukuk tranche and a conventional portion in its third international bond sale of the year, a term sheet viewed by Reuters showed. read more

In Abu Dhabi, the index (.ADI) edged 0.1% higher, helped by a 0.7% gain in telecoms firm Etisalat (ETISALAT.AD).

Among other gainers, ADNOC Drilling (ADNOCDRILL.AD) advanced 2.2%. The unit of Abu Dhabi National Oil Company (ADNOC), which went public last month, posted a rise of almost 50% in third-quarter profit on Wednesday, driven by new rigs and reactivation of others this year, in addition to an increase in oilfield services. read more

Dubai's main share index (.DFMGI) inched 0.3% lower, hit by a 1.1% fall in Emirates NBD Bank (ENBD.DU) and a 0.4% decrease in blue-chip developer Emaar Properties (EMAR.DU).

Union Properties (UPRO.DU) tumbled 7.4%, after media reports said its chairman Khalifa Al Hammadi had been detained amid investigation. read more

Separately, Dubai's Emirates airline got a further 2.5 billion dirhams ($681 million) in state support in the first half of the year, the airline said on Wednesday, as it announced first half losses had halved. read more

The Qatari index (.QSI) added 0.1%, with Commercial Bank (COMB.QA) rising 0.8%.

Qatar's government budget recorded a surplus of 0.9 billion riyals ($247.25 million) in the third quarter, boosting the nine-month surplus in 2021 to 4.9 billion riyals, as higher energy prices increased the Gulf nation's revenue.