Mideast Stocks: Banks pull Saudi down, financials drag most Gulf markets

Saudi Arabia's stock market fell on Tuesday weighed down by its banks, while all major Gulf bourses slipped

  
Image used for illustrative purpose.

Image used for illustrative purpose.

TADAWUL

Saudi Arabia's stock market fell on Tuesday weighed down by its banks, while all major Gulf bourses slipped, pressured by financial stocks as the markets took a breather after two days of gains.

Sentiment was also hurt by weak global markets, as prospects for a long-awaited Sino-U.S. trade deal were dealt another blow after the United States levelled sweeping criminal charges against China's telecom giant Huawei.

Saudi Arabia's index fell 0.5 percent with Al Rajhi Bank dropping 0.6 percent and Samba Financial Group slipping 1.6 percent. Al Khodari lost 0.4 percent after the Capital Market Authority said it would impose a fine of 40,000 riyals following its failure to disclose financial results within the specified time frame.

But Saudi Steel Pipes jumped six percent to a three and a half-year high after saying it was awarded a 82 million riyal ($21.86 million)contract from Saudi Aramco to supply oil and gas steel pipes.

The Dubai index, was down 0.3 percent as Emirates NBD fell 1.8 percent, while Commercial Bank of Dubai slumped 7.5 percent.

But developer DAMAC Properties added 0.8 percent. The firm responded to a news story that said it would invest $1.3 billion in London's property market. DAMAC said it had no plans to invest in the UK real estate market at the moment.

Abu Dhabi's blue-chip index edged down 0.1, with Union National Bank falling 1.7 percent ahead of its board meeting to discuss a potential three-way bank merger, that includes Abu Dhabi Comercial Bank and Al Hilal Bank.

But International Holding jumped 7.9 percent. The company said it would initiate discussions to buy PAL Cooling.

The Qatar index also fell 0.1 percent, hurt by a 1.4 percent drop in Masraf Al Rayan.

Qatar National Bank, the largest bank by assets in the Middle East and Africa, is planning to issue U.S. dollar-denominated bonds, Reuters said citing sources familiar with matter. The stock was down 0.3 percent.

($1 = 3.6400 Qatar riyals)

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff and Abinaya Vijayaraghavan in Bengaluru, Editing by William Maclean) ((mailto:AteeqUr.Shariff@thomsonreuters.com; +918067497129;))


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