Mideast Stocks: Most major Gulf markets dip as financial shares weigh

Most major stock markets in the Gulf ended lower on Thursday

  
An investor monitors a stock exchange information screen on the trading floor at the Dubai Financial Market April 29, 2012.

An investor monitors a stock exchange information screen on the trading floor at the Dubai Financial Market April 29, 2012.

REUTERS/Jumana El Heloueh

Most major stock markets in the Gulf ended lower on Thursday hurt by losses in financial shares, although the Abu Dhabi index bucked the trend to close higher.

Saudi Arabia's benchmark index slipped 0.1%, with Banque Saudi Fransi sliding 4.5% and Riyad Bank losing 2.2%.

Dubai's main share index fell 0.5%, weighed down by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank and a 2.6% drop in logistic firm Aramex .

On Wednesday, the United Arab Emirates recorded its highest daily number of COVID-19 infections in more than a month, a day after the health minister warned cases may rise.

In Abu Dhabi, the index gained 0.9%, driven by a 6.5% jump in Abu Dhabi Commercial Bank and a 6% rise in Aldar Properties .

The Abu Dhabi government is in talks with banks for a new international bond issue, Reuters reported, citing sources, having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis. 

The Qatari index lost 0.5%, with 15 of 20 stocks on the index declining. Lender Masraf Al Rayan retreated 1.3%, while Commercial Bank slid 1.9%.

** Kuwait, Bahrain and Egypt were closed for a public holiday.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Amy Caren Daniel) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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