MIDEAST STOCKS Major Gulf stock exchanges mixed at the start of trading

An investor browses the Dubai financial market after Joe Biden won the US presidency, in Dubai, United Arab Emirates, November 8, 2020. REUTERS / Christopher Pike / File Photo

Aug 3 (Reuters) – Major Gulf stock markets were mixed at the start of trading on Tuesday, with the Saudi index poised to end eleven consecutive sessions of gains.

Saudi Arabia‘s benchmark index (.TASI) fell 0.2%, with Saudi Telecom Co (STC) (7010.SE) losing 1.6% and Al Jazira Bank (1020.SE) falling. about 4%.

Both companies reported higher net income in the second quarter, but they saw sequential decline in profits.

Among other declines, National Shipping Company Of Saudi Arabia (4030.SE) fell 1.7% after reporting a sharp drop in quarterly net profit.

The kingdom’s non-oil private sector continued to grow in July but at a slower pace, according to a business survey, signaling that business conditions remain difficult as the largest Arab economy recovers from the coronavirus crisis . Read more

Dubai’s main stock index (.DFMGI) rose 0.3% on a 2.3% rise in shares of diversified investment group Dubai Investments (DINV.DU).

In Abu Dhabi, the index (.ADI) edged up 0.1%, helped by the country’s largest lender, First Abu Dhabi Bank (FAB.AD), up 0.5%.

The UAE’s non-oil private sector grew at its fastest rate in two years in July as demand rebounded from the COVID-19 pandemic, a business survey showed. Read more

The benchmark Qatari (.QSI) fell 0.1%, under pressure from shares of petrochemicals maker Mesaieed Petrochemical Holding (MPHC.QA), which fell 1%.

Reporting by Ateeq Shariff in Bangalore; Editing by Amy Caren Daniel

Our standards: Thomson Reuters Trust Principles.

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