Major Gulf markets mixed, Egypt snaps losing streak

• Saudi ends 8-session winning streak

• Property stocks weigh on Dubai

DUBAI: Major stock markets in the Gulf ended mixed on Sunday, with property shares weighing on the Dubai index, while Egypt snapped a three-session losing streak to close 0.7% higher.

Saudi Arabia's benchmark index closed 0.1% lower, snapping eight straight sessions of gains, with Saudi Telecommunications and Riyad Bank dropping 1.3%.

The Abu Dhabi index closed 0.3% higher, as telecoms operator Emirates Telecommunications Group gained 0.7% and Developer Aldar Properties jumped 1.9%.

The United Arab Emirates' non-oil private sector expanded for a sixth consecutive month in May, though at a slightly slower pace than in April, data showed on Thursday, while employment shrank for the fourth straight month.

Dubai's index fell 0.1%, led by an 8.6% slump in developer Damac Properties and a 1.1% drop in Dubai's largest lender Emirates NBD Bank.

However, blue-chip developer Emaar Properties gained 0.3% after reporting a 250% surge in property sales in Dubai in the first five months of 2021.

The coronavirus crisis hit the Gulf state hard last year, both via the shock of low oil prices and the huge toll it took on vital non-oil economic sectors such as tourism.

Qatar's index also lost 0.1%, with Industries Qatar falling 0.8% and Sharia lender Qatar Islamic Bank shedding 0.6%.

Outside the Gulf, Egypt's blue-chip index closed 0.7% higher, snapping a three-session losing streak, as Elsewedy Electric climbed 4.3% and EFG Hermes Holdings rose 2.7%.