|17 October, 2019

Mideast Stocks: Most Gulf markets track weakness in global peers

The Dubai index declined 1.4%, with the largest lender Emirates NBD sliding 3.8%

Major Gulf stock markets fell on Thursday, in line with global equities, as weak U.S. retail sales stoked fears about the health of the world's biggest economy.

Global markets fell after data showed U.S. retail sales contracted in September for the first time in seven months, a potential sign that manufacturing-led weakness could be spreading to the broader economy.

The Dubai index declined 1.4%, with the largest lender Emirates NBD sliding 3.8%.

The bank's board approved a capital increase via a rights issue of up to 6.45 billion dirhams ($1.76 billion), lower than 7.35-billion dirhams that the general assembly had decided in February this year.

Deyaar Development fell 2.3% after it reported a sharp fall in its third-quarter profit compared with the same quarter a year earlier.

Air Arabia extended gains from the previous session to rise 1.5%.

The airline and Abu Dhabi's Etihad Airways on Wednesday said they had agreed to jointly set up a low-cost airline based in the United Arab Emirates' capital.

The Saudi market declined 0.2%, with Riyad Bank and Saudi Arabia Fertilizers falling 0.7% and 1.3%, respectively.

Basic Chemical Industries slid 2.3%.

The firm said it signed a letter of intent with a company to execute all construction works on a chlorine production project.

Meanwhile, the Abu Dhabi index slipped 0.5%, weighed by a 0.8% drop in First Abu Dhabi Bank and a 0.4% fall in telecommunications firm Etilsalat.

Qatari stocks dropped 0.3%, with Industries Qatar shedding 0.8% and Qatar Fuel losing 1.1%.

($1 = 3.6728 UAE dirham)

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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