Major Gulf stocks mixed in early trading

Nov. 14 (Reuters) – Major stock markets in the Gulf were mixed in early trading on Sunday, with the Saudi index on track to boost gains for a second session, while the Abu Dhabi index pulled back from a record high.

Saudi Arabia’s benchmark index (.TASI) rose 0.1%, with Saudi Telecom Company (7010.SE) rising 0.9% and Al Rajhi Bank (1120.SE) trading 0.3%.

However, Saudi shopping center operator Arabian Centers (4321.SE) collapsed 10%. On Thursday, Arabian Centers said the title deed of a plot of land in Riyadh has been canceled by a court.

Dubai’s main stock index (.DFMGI) rose 0.2%, supported by an 8.2% jump in Dubai Financial Market (DFM) (DFM.DU).

Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 million) market-maker fund and IPOs of 10 state-backed companies as part of plans to boost activity on the local exchange. read more

Since its announcement, DFM is up more than 70%.

The United Arab Emirates plans to put Dubai’s “Salik” road toll system on Dubai’s financial market, Finance Minister Maktoum Bin Mohammed said on Twitter on Saturday. read more

Union Properties (UPRO.DU) fell 5.8%.

On Tuesday, the company said its chairman, Khalifa Hassan al-Hammadi, had been fired from its board of directors after it was revealed that the UAE prosecutor’s office had ordered his arrest.

The UAE Attorney General announced in October the investigation into allegations of financial violations by the chairman and other officials of Union Properties, state news agency WAM reported. read more

In Abu Dhabi, the index (.ADI) fell 0.1%, pulling back from a record high from the previous session, with conglomerate International Holding (IHC.AD) losing 0.5%.

The Qatari Index (.QSI) fell 0.5%, weighed down by a 1.1% decline in Commercial Bank (COMB.QA). ($1 = 3.6729 UAE dirham) ($1 = 3.7504 riyal)

Reporting by Ateeq Shariff in Bengaluru; Editing by Alex Richardson

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