Major Gulf markets mixed; Saudi extends losses
July 24 (Reuters) -Major stock markets in the Gulf were mixed in early trade on Wednesday as corporate earnings failed to cheer investors, while the Saudi index was on course to fall for a third consecutive session.
Saudi Arabia's benchmark index .TASI fell 0.2%, with Saudi National Bank 1180.SE, the country's top lender, losing 0.5%.
The kingdom's economic growth will likely be one of the slowest among the Gulf Cooperation Council countries this year, according to a Reuters poll of economists who lowered growth forecasts from three months ago due to extended oil output cuts.
Economists said lower oil revenues were likely to constrain investments in non-oil sectors, affecting the overall expansion of the Saudi economy in 2024.
On the other hand, Saudi Telecom Company 7010.SE gained 0.8%, after reporting quarterly net profit of 3.03 billion riyals ($807.76 million), up from 3.01 billion riyals a year earlier.
The telco also proposed a cash dividend of 0.40 riyal per share for the second quarter.
Al Jouf Cement 3091.SE rose 2.2%, as the firm signed a 104.2 million riyals contract to sell cement to Webuild S.p.A for Neom projects.
The cement manufacturer also rescheduled two bank facilities worth 528.5 million riyals from two different lenders.
Dubai's main share index .DFMGI edged 0.1% higher, helped by a 5.5% jump in MashreqBank MASB.DU.
In Abu Dhabi, the index .FTFADGI added 0.3%, with Abu Dhabi Islamic Bank ADIB.AD gaining 0.5% ahead of its earnings announcement.
The United Arab Emirates' biggest lender First Abu Dhabi Bank FAB.AD - which is scheduled to report its second-quarter earnings - eased 0.3%.
The Qatari benchmark .QSI lost 0.1%, hit by a 0.3% fall in petrochemical maker Industries Qatar IQCD.QA.
Separately, Qatar Airways has ordered 20 more Boeing BA.N 777-9 planes, expanding its order book for the U.S. planemaker's 777X family of jets to almost 100, the companies said at the Farnborough Airshow on Tuesday.
($1 = 3.7511 riyals)
Reporting by Ateeq Shariff in Bengaluru; Editing by Mrigank Dhaniwala
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