Major Gulf bourses were mixed in early trade

Major stock markets in the Gulf were mixed in early trade on Monday, tracking Asian shares as soft U.S. data suggested downside risks for this week’s June payrolls report.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was flat, after losing 1.8% last week. Japan’s Nikkei .N225 added 0.6%, while South Korea .KS11 fell 0.8%, Reuters reported.

Saudi Arabia’s benchmark index .TASI dropped 1.1%, on course to extend losses for a second session, hit by a 1.7% fall in Al Rajhi Bank 1120.SE and a 1.8% decrease in oil giant Saudi Aramco 2222.SE.

Dubai’s main share index .DFMGI fell 0.6%, with blue-chip developer Emaar Properties EMAR.DU losing 1.4%, while lender Emirates NBD ENBD.DU declined 1.2%.

Separately, Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.

The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.

In Abu Dhabi, equities .FTFADGI were flat, as gains in financials were offset by declines in telecoms firm e& ETISALAT.AD.

The Qatari index .QSI gained 0.3%, with Qatar Islamic Bank QISB.QA rising 1.5%.

Oil prices, a catalyst for the Gulf’s financial markets, reversed losses and edged up as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.