Mideast Stocks: Major Gulf bourses mixed in early trade

Mideast Stocks: Major Gulf bourses mixed in early trade

Major stock markets in the Gulf were mixed in early trade on Thursday amid rising geopolitical tension in the region while negotiations on a ceasefire plan for Gaza were set to continue in Cairo.

Meanwhile, U.S. President Joe Biden vowed publicly for the first time to withhold weapons from Israel if its forces make a major invasion into Rafah in southern Gaza.

Saudi Arabia's benchmark stock index dropped 0.6%, with most of the constituents posting losses, led by utilities, materials and IT stocks.

ACWA Power fell 2.5% and Saudi Arabian Mining slipped 1.9%. Retal Urban Development Co, however, surged 5.8% after the developer reported a 50% increase in its first-quarter net profit.

In Abu Dhabi, the benchmark stock index was down 0.6%, with conglomerate International Holding Company dropping 0.8% and Abu Dhabi National Oil Company for Distribution sliding 0.9%.

Dubai's benchmark stock index was little changed with blue-chip developer Emaar Properties losing 0.6% and tolls operator Salik Company shedding 0.9%.

However, shares of Spinneys Holding 1961 rose 11.1% to 1.70 dirhams compared to its IPO price of 1.53 dirhams per share in its market debut.

The Qatari benchmark index edged up 0.2%, helped by a 2.4% gain in Qatar Navigation and a 3.5% rise in Qatar Gas Transport (Nakilat).

Nakilat, the world's largest LNG fleet operator and state-owned energy giant QatarEnergy signed a long-term agreement on Wednesday to charter and operate nine QC-Max LNG vessels.