MIDEAST STOCKS Most major stocks fall in early trade; Qatar gains

News of Joe Biden’s victory in U.S. elections is aired on a digital screen in Dubai Stock Exchange in Dubai, United Arab Emirates, November 8, 2020. REUTERS/Abdel Hadi Ramahi

Aug 19 (Reuters) – Most major Gulf stock markets fell in early trade on Thursday, amid worries about the continuing spread of the Delta coronavirus variant, while the Qatari index was buoyed by its banking shares.

Saudi Arabia’s benchmark index (.TASI) dropped 0.6%, weighed down by a 0.8% fall in petrochemical maker Saudi Basic Industries (2010.SE) and a 1% decline in Dr Sulaiman Al-Habib Medical Services (4013.SE).

However, shares of apparel retailer Fawaz Abdulaziz Alhokair Co (4240.SE) jumped 5.2% after posting quarterly net profit of 45.7 million riyals ($12.19 million), compared to a loss of 535.6 million riyals year ago.

Oil prices, a key catalyst for the Gulf market, fell for a sixth day, the longest losing streak since February 2020, as a spike in COVID-19 cases worldwide fuelled fears over slower fuel demand while a surprise build in U.S. gasoline inventories added to the pressure.

The Qatari index (.QSI) gained 0.8%, with Commercial Bank (COMB.QA) jumping over 5%, reaching its highest since November 2014, and Qatar Islamic Bank (QISB.QA) advancing 2.2%.

The Gulf state’s cabinet approved to increase the percentage of non-Qatari ownership in the capital of Qatar National Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank to reach 100% — a move that could attract more liquidity to the bourse.

Islamic lender Masraf Al Rayan was up 1.8%.

Dubai’s main share index (.DFMGI) eased 0.3%, hit by a 1.4% fall in Emirates NBD Bank (ENBD.DU).

Separately, Dubai’s DP World (DPWRD.UL), one of the world’s biggest port operators, said on Thursday profit jumped almost 52% in the first half of 2021, fuelled by higher consumer spending and a rebound in global trade since the pandemic. read more

In Abu Dhabi, the index (.I) retreated 0.6%, a day after it touched a record high, with Emirates Telecommunications Group (ETISALAT.) losing 1.6% and the country’s largest lender First Abu Dhabi Bank (FAB.) falling 0.5%.

($1 = 3.7503 riyals)

Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

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