Major Middle Eastern stock markets fell on Tuesday, led lower by financial stocks and mirroring losses in global markets triggered by the U.S. calling China a currency manipulator in a rapid escalation of the trade war between the two countries.
China's central bank said on Tuesday that Washington's decision to label Beijing as a currency manipulator would "severely damage international financial order and cause chaos in financial markets".
Qatar’s index, which posted its biggest fall in two years on Monday when it plunged 4.2% and wiped out all this year's gains, slid a further 1.5% to hit a six-session losing streak as 16 of its 20 companies traded lower.
Mesaieed Petrochemical Holding declined 5% and Barwa Real Estate dipped 4.4% after the duo reported disappointing first-half earnings.
The Saudi Arabian index closed 0.8% lower, continuing its losing streak for a fifth straight session with most of its banking shares falling.
National Commercial Bank lost 3%, while Saudi British Bank (SABB) dipped 3.4% after it swung to a second-quarter loss.
The latter posted a net loss of 254 million riyals ($67.72 million) in the second quarter compared with a profit of 833 million riyals a year earlier.
Buruj Cooperative Insurance Co plunged 6% after it recorded a more than 81% fall in second quarter net profit before zakat which it blamed on a decrease in its net underwriting surplus.
Dubai's index edged down 0.1% with Emirates NBD shedding 0.9%, while Emaar Development decreased 3.1% after it reported a 24% drop in first-half net profit.
Dubai prime residential property prices fell 1.9% in the first half of the year due to the market being oversupplied, Reuters reported on Monday, citing real estate company Savills .
In Abu Dhabi, the index traded flat as losses in the financial and telecommunication sectors eclipsed gains in real estate stocks.
Abu Dhabi Commercial Bank shed 1.6% while Bank of Sharjah BOS.AD slumped 9.9% to post its biggest intra-day loss since January 2009. The lender on Sunday posted a 24% drop in first-half profit.
Aldar Properties closed 4.1% higher ahead of a board meeting on Wednesday at which it will discuss the company's second-quarter financial performance. EFG Hermes forecasts a 7% rise in profit.
Egypt's blue-chip index rose 0.4% with Egypt Kuwait Holding gaining 3.2%. The firm obtained a regulatory nod to allocate land to agricultural projects to procure raw materials for its planned compressed wood factory.
Ezz Steel surged 6.3% after a subsidiary of the firm on Monday approved the acquisition of Ezz Rolling Mills and Ezz Flat Steel.
($1 = 3.7508 riyals)
(Reporting by Ateeq Shariff and Maqsood Alam in Bengaluru; Editing by Kirsten Donovan) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))