Most Gulf markets move sideways

Published: October 08, 2018 16:31:28 | Updated: October 11, 2018 12:21:17

File Photo (Collected)

Most major Middle Eastern stock markets opened little changed on Monday, while Dubai’s Drake and Scull erased earlier gains to fall in heavy trade, despite approval from a majority of its shareholders to continue business at a general assembly last Thursday.

The Saudi Arabian index shed 0.2 per cent in the first half hour of trading, pressured by its banks and petrochemical stocks. Saudi Basic Industries dipped 0.5 per cent.

Etihad Etisalat fell 2.8 per cent after it said Saudi’s Communications and Information Technology Commission (CITC) would suspend some of its services.

In Dubai, the index inched up, helped by financial stocks. Dubai Islamic Bank was up 0.2 per cent, while construction firm Drake and Scull dropped 2.9 per cent in heavy trade.

The Qatar index edged up 0.3 per cent while Qatar Gas Transport Co rose 0.4 per cent, reports Reuters.

Abu Dhabi’s index was flat but was inching up on the back of its consumer and bank stocks. Agthia Group jumped 12.1 per cent in light trading.

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