Gulf markets little changed in early trade

Major Gulf stock markets were little changed early on Sunday, with the Saudi index slipping slightly on declines among energy companies.

Saudi Arabia's benchmark index dipped by 0.3pc, driven down by a 0.9pc fall for oil giant Saudi Aramco and a 1.8pc drop for Rabigh Refining and Petrochemical Company.

Al Rajhi Bank, however, firmed by 0.2pc despite a fall in second-quarter profit.

The value of kingdom's oil exports dropped by 65pc year on year in May, representing a fall of nearly $12 billion, official data showed on Thursday.

Dubai's main share index added 0.2pc, with lender Emirates NBD rising 0.7pc and Emaar Properties up 0.4pc.

Separately, Dubai logistics company Tristar has approached investment banks to look at a potential initial public offering in Dubai, Reuters reported, citing two sources, after plans for a London listing were shelved last year.

In Abu Dhabi, the index edged up 0.1pc, helped by a 4.5pc rise in aquaculture company International Holding and a 1.8pc gain for Aldar Properties.

The Qatari index traded flat as petrochemicals company Industries Qatar retreated 1.1pc.

The Gulf state has reiterated its commitment to resolving the long-running diplomatic dispute with some of its neighbours via peaceful and diplomatic means, state news agency QNA said on Thursday.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed political, trade and transport ties with Qatar in mid-2017 over accusations it had been supporting terrorism and cosying up to regional foe Iran. Qatar denies the accusations.