Gulf stocks mixed as Brexit vote begins

Stock markets in the Gulf were mixed on Thursday as oil prices and global equities advanced on optimism over Britain’s EU referendum.

Brent crude last traded nearly 2 percent higher at $50.81/bbl. WTI crude rose 1.6 percent to 49.93/bbl.

In the UAE, Dubai Financial Market’s (DFM) main index ended the session down 0.2 percent to 3,368 points as losses from bank stocks weighed on performance. Emirates NBD shed almost 1 percent to AED 8.32, and Mashreq Bank fell 6.9 percent to AED 68.

Abu Dhabi Securities Exchange (ADX) general index ended nearly flat at 4,500 points. Bank of Sharjah pared losses from the previous session and gained 4.2 percent to AED 1.25, while Abu Dhabi Islamic Bank lost 1.6 percent to AED 3.77.

Dana Gas rose 1.8 percent to AED 0.56, while Abu Dhabi National Energy Co. (TAQA) fell 3.6 percent to AED 0.53.

Saudi Arabia’s Tadawul All Share Index (TASI), still in session, edged up 0.3 percent to 6,550 points after trading remained subdued. Alinma Bank was up 0.7 percent at SAR 13.55 and Al Rajhi Bank rose almost 1 percent to SAR 59.

Fitaihi Group Holding Co. was among the session’s top gainers as its shares jumped over 5 percent to SAR 16.80. The Jeddah-based retailer’s affiliate International Medical Center recently signed an agreement to establish a medical center in Madinah.

Elsewhere, Qatar’s QE index rose 0.5 percent to 9,966 points, with all sectors in the green. Qatar National Bank (QNB) climbed 1.1 percent to QAR 141 and Industries Qatar edged up 0.6 percent to QAR 100.50.

Kuwait’s price index closed with a marginal decline, while stocks in Bahrain ended in positive territory.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com