DUBAI: Major Gulf stocks were mixed early on Wednesday in the absence of fresh factors to trade on, with Saudi index on track to extend gains for a ninth consecutive session.
Saudi Arabia’s benchmark index rose 0.3%, with Al Rajhi Bank gaining 0.8%, while Saudi Arabian Mining Company was up 2.1%.
Meanwhile, the kingdom’s sovereign wealth fund has increased its holding of US stocks to nearly $12.8 billion in the fourth quarter from $7 billion in the third quarter, according to a US regulatory filing on Tuesday.
Saudi Crown Prince Mohammed bin Salman has long pushed the Public Investment Fund as a central plank in his plan to find ways of driving growth while weaning the economy off its dependence on oil.
In Dubai, the index edged up 0.2%, helped by a 1.6% gain in blue-chip developer Emaar Properties.
The Abu Dhabi index eased 0.2%, hit by a 0.5% fall in the country’s largest lender First Abu Dhabi Bank.
In Qatar, the index lost 0.5%, as most of the stocks were in red including petrochemical maker Industries Qatar, which retreated 1.2%.
Among others, Qatar National Bank, the Gulf’s largest lender, slipped 0.8%.—Reuters
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