Major Gulf markets mixed; #Saudi extends losses | Reuters

Major Gulf markets mixed; Saudi extends losses | Reuters

Major stock markets in the Gulf were mixed in early trade on Wednesday as corporate earnings failed to cheer investors, while the Saudi index was on course to fall for a third consecutive session.

Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.2%, with Saudi National Bank (1180.SE), opens new tab, the country's top lender, losing 0.5%.

The kingdom's economic growth will likely be one of the slowest among the Gulf Cooperation Council countries this year, according to a Reuters poll of economists who lowered growth forecasts from three months ago due to extended oil output cuts.

Economists said lower oil revenues were likely to constrain investments in non-oil sectors, affecting the overall expansion of the Saudi economy in 2024.

On the other hand, Saudi Telecom Company (7010.SE), opens new tab gained 0.8%, after reporting quarterly net profit of 3.03 billion riyals ($807.76 million), up from 3.01 billion riyals a year earlier.

The telco also proposed a cash dividend of 0.40 riyal per share for the second quarter.

Al Jouf Cement (3091.SE), opens new tab rose 2.2%, as the firm signed a 104.2 million riyals contract to sell cement to Webuild S.p.A for Neom projects.

The cement manufacturer also rescheduled two bank facilities worth 528.5 million riyals from two different lenders.

Dubai's main share index (.DFMGI), opens new tab edged 0.1% higher, helped by a 5.5% jump in MashreqBank (MASB.DU), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.3%, with Abu Dhabi Islamic Bank (ADIB.AD), opens new tab gaining 0.5% ahead of its earnings announcement.

The United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD), opens new tab - which is scheduled to report its second-quarter earnings - eased 0.3%.

The Qatari benchmark (.QSI), opens new tab lost 0.1%, hit by a 0.3% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.

Separately, Qatar Airways has ordered 20 more Boeing (BA.N), opens new tab 777-9 planes, expanding its order book for the U.S. planemaker's 777X family of jets to almost 100, the companies said at the Farnborough Airshow on Tuesday.