|07 November, 2019

Mideast Stocks: Most of Gulf drops, blue-chip sell off hurts Egypt

Egypt's blue-chip index ended 0.5% lower

Traders work at the Egyptian Exchange in Cairo April 1, 2013.

Traders work at the Egyptian Exchange in Cairo April 1, 2013.

REUTERS/Mohamed Abd El Ghany

Most major gulf markets ended lower on Wednesday, amid falling oil prices and lingering concerns over the outcome of U.S.-China trade talks, while Egypt snapped a nine-day winning streak.

Oil prices fell on Wednesday, pulled down by a larger-than-expected build in U.S. crude stocks and weak euro zone economic figures, after gaining for three sessions on expectations of an easing in U.S.-China trade tensions.

Brent crude was down 43 cents, or 0.7%, at $62.53 a barrel by 1010 GMT.

In Saudi Arabia, the benchmark index slipped 0.4%, with Banque Saudi Fransi declining 3.2% and Saudi British Bank (SABB) losing 2%.

On Sunday, the former had posted a nearly 7% fall in third-quarter net profit, which it blamed on higher operating expenses and impairment charges.

Saudi Arabian Refineries lost 1.4% as the firm turned to losses in the third-quarter.

Egypt's blue-chip index ended 0.5% lower, ending a nine-day winning streak, as 21 of 30 stocks on the index declined. Conglomerate Talaat Moustafa Group slid 3.3% and El Sewedy Electric was down 2.4%.

Dubai's main share index traded flat as financial and real estate stocks moved sideways. Dubai's largest lender Emirates NBD gained 0.9% while Emaar Properties was down 0.5%.

In Abu Dhabi, the index fell 0.2%, with developer Aldar Properties sliding 1.7% and Emirates Telecommunications Group easing 0.2%.

On Wednesday, the telecoms firm announced its board meeting to be held on Nov. 11 to approve its third-quarter financials. Qatar's index was also down 0.2% led by a 0.8% fall in market heavyweight Industries Qatar and a 0.6% drop
in Qatar National Bank.

SAUDI ARABIA    The index lost 0.4% to 7,749 points
ABU DHABI         The index was down 0.2% to 5,144 points
DUBAI                The index traded flat to 2,688 points
QATAR               The index fell 0.2% to 10,285 points
EGYPT                The index dropped 0.5% to 14,710 points
BAHRAIN            The index was flat at 1,517 points
OMAN                 The index edged up 0.1% 4,030 points
KUWAIT              The index added 0.1% to 6,158 points

(Reporting by Shamsuddin Mohd in Bengaluru Editing by Chizu Nomiyama)

© Reuters News 2019

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