MIDEAST STOCKS Major Gulf bourses mixed in early trade - Reuters

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A Saudi trader monitors stock information at ANB Bank in Riyadh, Saudi Arabia December 15, 2020. REUTERS/Ahmed Yosri

Oct 10 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi Index outperforming the region amid rising oil prices.

Oil rose on Friday, gaining about 4% on the week as a global energy crunch boosted U.S. prices to their highest in almost seven years, with big power users struggling to meet demand. read more

Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 3.4% rise in Al Rajhi Bank (1120.SE) and 1.3% gain in petrochemical maker Saudi Basic Indutries (2010.SE).

In Abu Dhabi, the index (.ADI) edged up 0.1%, with conglomerate International Holding Co (IHC) (IHC.AD) rising 1%, while its unit Alpha Dhabi Holding (ALPHADHABI.AD) advanced 1.4%.

IHC has agreed to buy a 41% stake in Nassar Al Refaee Trading Company, a fruit and vegetable import-export business, in a 166 million dirhams ($45.20 million) deal, Reuters reported a company source as saying. read more

Dubai's main share index (.DFMGI) fell 0.1%, hit by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).

Average residential property prices in Dubai rose 4.4% in the 12 months to August, the highest annual growth since February 2015, real estate investment firm CBRE Group said on Thursday. read more

Even before the pandemic, the long-term economic trend in the United Arab Emirates had been sluggish since the 2014-2015 oil price crash. Supply has outpaced demand for new houses and apartments for years in a market where most of the population are foreigners, many of whom left during the pandemic.

The Qatari benchmark (.QSI) added 0.2%, supported by a 1% increase in Commercial Bank (COMB.QA) and a 1.8% rise in Mesaieed Petrochemical (MPHC.QA).

($1 = 3.6724 UAE dirham)

Reporting by Ateeq Shariff in Bengaluru Editing by Frances Kerry

Our Standards: The Thomson Reuters Trust Principles.

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MIDEAST STOCKS Major Gulf bourses mixed in early trade - Reuters
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