Major Gulf indexes off to mixed start

Major Gulf stock markets were mixed in early trade on Thursday with the Abu Dhabi index leading gains boosted by top lender First Abu Dhabi Bank.

Saudi Arabia's benchmark index edged up 0.1pc, with petrochemical maker Saudi Basic Industries rising 0.5pc.

Dubai's main share index eased 0.1pc, hurt by a 0.5pc fall in Emirates NBD Bank and a 0.6pc decrease in blue-chip developer Emaar Properties.

Emaar, which has developed some of Dubai's most popular and expensive neighbourhoods, has halted new building work after a construction boom in recent years led to oversupply in the Gulf city, its chairman said on Monday.

It was not immediately clear when Emaar had ceased new building work, although Reuters had reported in April, citing sources, that the company had suspended work on major new projects.

In Abu Dhabi, the index gained 0.9pc, buoyed by a 2.3pc rise in the United Arab Emirates' largest lender, First Abu Dhabi Bank.

On Wednesday, ratings agency Fitch affirmed its rating on First Abu Dhabi Bank's long-term issuer default rating (IDR) at 'AA-' and retained its stable outlook.

The Abu Dhabi Emergency, Crisis and Disaster Committee is working with local authorities in the UAE capital to resume all economic, cultural, tourist and entertainment activities within two weeks, state Abu Dhabi Media said on Wednesday.

The Qatari index lost 0.3pc, weighed down by a 1.4pc fall in petrochemical firm Industries Qatar.