Major Gulf bourses off to mixed start
- Saudi Arabia's benchmark index dropped 0.6pc, with Al Rajhi Bank shedding 1.3pc, while oil giant Saudi Aramco was down 0.5pc.
Major Gulf stock markets were mixed in early trade on Tuesday, with financial shares weighing on the Saudi index.
Saudi Arabia's benchmark index dropped 0.6pc, with Al Rajhi Bank shedding 1.3pc, while oil giant Saudi Aramco was down 0.5pc.
Separately, the kingdom's supermarket operator BinDawood Holding may price its initial public offering (IPO) at the top of its range after a bookrunner note said investors bidding below 96 Saudi riyal ($25.60) may not get an allocation.
Dubai's main share index lost 0.4pc, driven down by a 0.9pc fall in Emirates NBD Bank and a 0.7pc decrease in sharia-compliant lender Dubai Islamic Bank.
The Abu Dhabi index edged up 0.1pc, helped by a 0.4pc gain in First Abu Dhabi Bank (FAB).
FAB, the United Arab Emirates' largest lender, has hired banks to arrange an investor call ahead of an issuance of US dollar-denominated bonds, a document showed.
In Qatar, the index added 0.6pc, led by a 9.3pc surge in United Development Company.
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