Mideast Stocks: Saudi shares down as banks fall; Dubai extends winning streak

Saudi Arabia's index was down 0.5% as Al Rajhi Bank slid 1.5 and Banque Saudi Fransi fell 1.6%

  

Saudi Arabia's stock market slid on Monday as most of its banking shares dropped, while Dubai rose for its eighth straight session, partly aided by United Arab Emirates' largest sharia-compliant lender, Dubai Islamic Bank.

Saudi Arabia's index was down 0.5 percent as Al Rajhi Bank slid 1.5 percent and Banque Saudi Fransi fell 1.6 percent.

Saudi's Almarai lost 1.1 percent. On Sunday, the dairy producer reported a drop of 2.6 percent in its first-quarter results.

But Saudi Enaya Cooperative Insurance climbed 4.8 percent after the insurer said its accumulated losses as of January 2019 have decreased to 15.23 percent of its capital.

The Dubai index added 0.3 percent, with Dubai Islamic Bank gaining 1.2 percent. On Sunday, a media report said the sharia-compliant bank was in talks to buy Dubai-based Noor Bank. The company said it does not comment on market speculation and rumours.

Dubai Investments added 2.1 percent. The company signed a $86 million contract with ABB Industries to commission a new Dubai Electricity and Water Authority substation.

The Abu Dhabi index fell 0.1 percent, as Emirates Telecommunications declined 1.1 percent.

But ADNOC Distribution rose 3.7 percent. Last week, the firm's shareholders approved an increase in its dividend policy. The company also won shareholder approval to buy back up to 62.5 million shares, equivalent to 5 percent of its free float during a 12-month period, should it choose to do so.

Separately, Reuters reported that the firm was considering a secondary listing overseas.

The Qatar's blue-chip index edged down 0.1 percent, led by a 2.3 percent decline in Gulf International Services.

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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