MIDEAST STOCKS Major Gulf stocks little changed, Dubai nudges higher - Reuters

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Bahraini traders are seen at Bahrain Bourse in Manama, Bahrain, November 4, 2020. REUTERS/Hamad I Mohammed

Major stock markets in the Gulf were little changed in early trade on Sunday, with expectations of economic recovery nudging Dubai higher again after the index snapped an eight-session winning streak at the end of last week.

Dubai's index (.DFMGI) was up 0.1% after closing lower on Thursday.

The United Arab Emirate's only listed airline Air Arabia (AIRA.DU) rose 1.5%, while shopping mall operator Emaar Mall (EMAA.DU) was up 1%.

Analysts expect Dubai house prices to rise this year for the first time in six years, supported by a swift vaccine rollout that has lifted hopes for an overall economic recovery.

Saudi Arabia's benchmark index (.TASI) inched up around 0.2% in its fourth consecutive day of gains.

Hospital operator Dr. Sulaiman Al-Habib Medical Services Group (4013.SE) rose 0.9%, Saudi Telecom (7010.SE) added 0.7% and Sahara International Petrochemical (2310.SE) was up 1.4%.

Saudi Arabia will allow entertainment venues to open at 40% capacity for those who are vaccinated against the novel coronavirus, as the kingdom relaxes restrictions imposed to check the spread of COVID-19. read more

The Abu Dhabi index (.ADI) was down 0.4% led by financials. First Abu Dhabi Bank (FAB.AD) fell 1.3% and Abu Dhabi Commercial Bank (ADCB.AD) retreated 0.7%.

Losses were partially offset by International Holdings (IHC.AD) and Emirates Telecommunications Group (ETISALAT.AD) gaining 0.8% and 0.3% respectively.

Qatar's index (.QSI) edged down 0.2% after three session of gains triggered by easing COVID-19 restrictions. read more

Banking shares weighed the most with Commercial Bank (COMB.QA) dropping 1.6% and Qatar International Islamic Bank (QIIB.QA) down 1.7%.

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May 30, 2021 at 03:37PM
https://www.reuters.com/world/middle-east/mideast-stocks-major-gulf-stocks-little-changed-dubai-nudges-higher-2021-05-30/

MIDEAST STOCKS Major Gulf stocks little changed, Dubai nudges higher - Reuters

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