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