Mideast Stocks: Major Gulf markets ease, Saudi extends losses
Major stock markets in the Gulf fell in early trade on Thursday during a slowdown in corporate earnings, with the Saudi index set to extend losses for a third session.
Saudi Arabia's benchmark index dropped 0.3%, pressured by a 0.8% decrease in Al Rajhi Bank and a 1% fall in 1.5% in Saudi Telecom Company.
However, Company for Cooperative Insurance advanced 4.2%, after the insurer met analysts' estimates.
Oil prices - a catalyst for the Gulf's financial markets - edged up after sliding in the previous two sessions, with supply worries resurfacing after U.S. President Donald Trump announced a reversal of a license given to Chevron to operate in Venezuela.
Dubai's main share index eased 0.1%, hit by a 1% fall in toll operator Salik Company and a 0.4% decrease in blue-chip developer Emaar Properties.
In Abu Dhabi, the index lost 0.2%.
Separately, UAE investment platform 2PointZero is targeting a stock market listing in Abu Dhabi this year, CEO Mariam bint Mohammed Almheiri said on Wednesday.
The Qatari benchmark dropped 0.5%, on course to fall for a third consecutive session, hit by a 2.8% fall in Qatar Islamic Bank.
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