Gulf stocks mixed in early trade; Banks lift #Dubai | Reuters

Gulf stocks mixed in early trade; Banks lift Dubai | Reuters

Major Gulf stocks were mixed in early trade on Wednesday, with the Saudi market extending gains following news of an acquisition and a buyback while the Dubai index rose after banks NBD and DIB reported sharply higher profits.

Saudi Arabia's benchmark index (.TASI) edged up 0.2%, extending gains from the previous session, led by a 4.2% surge in Advanced Petrochemical (2330.SE) after it announced it was buying back 1.5 million shares.

Saudi Automotive Services (4050.SE) was the index's top gainer, surging over 10% after acquiring a 80% stake in gas station operating company NAFT Services Limited Company.

Dubai's main share index (.DFMGI) rose 0.5%, driven by a 0.7% gain in its largest bank, Emirates NBD (ENBD.DU), after it reported a 34% rise in profits in 2021. Sharia-compliant Dubai Islamic Bank (DISB.DU) was up 0.4% after its profits rose 39.6%. read more ,

Banks in the United Arab Emirates are benefiting from an uptick in economic activity as the effects of the COVID-19 pandemic ease amid government support, higher oil prices and a a surge in tourism due to the world fair Expo taking place in Dubai. read more

Emaar Development (EMAARDEV.DU) rose 1.2%.

The Abu Dhabi index (.FTFADGI) eased 0.3% as market heavyweight First Abu Dhabi Bank (FAB.AD) lost 0.5% and Aldar Properties (ALDAR.AD) was down 0.2%.

The Qatari index (.QSI) was flat as Qatar International Islamic Bank lost 0.9% while Qatar Gas Transport Nakilat (QGTS.QA) rose 0.8%.