Mideast Stocks: Major Gulf bourses mixed in early trade

Mideast Stocks: Major Gulf bourses mixed in early trade

Major Stock markets in the Gulf were mixed in early trade on Wednesday as investors parsed corporate earnings for clues, with Abu Dhabi shares snapping its previous session gains.

In Abu Dhabi, the benchmark stock index dropped 0.6%, dragged down by a 1.8% loss in Alpha Dhabi and a 1.5% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank, fell 1.1%.

Among the losers, Fertiglobe and conglomerate International Holding Company dropped 2.3% and 0.3% respectively.

The later reported a 175% jump in 2022 net profit boosted by a 76.5% increase in revenue.

Dubai's benchmark stock index opened in the red, trading 0.3% lower, weighed down by losses in almost all sectors, with largest lender Emirates NBD and utilities provider DEWA falling 0.8% and 0.4% respectively.

Dubai's blue chip developer Emaar Properties slid 2.4% although it reported on Tuesday an 80% rise in full year net profit, but an 11% drop in revenue.

Saudi Arabia's benchmark stock index edged up 0.1%, helped by gains in finance and health care sectors with Dr. Sulaiman Al-Habib Medical Services rising 2.1% and the world's largest Islamic bank by assets Al Rajhi Bank gaining 0.5%.

However, luxury real estate developer Retal Urban and Saudi Basic Industries