Mideast Stocks: Saudi snaps winning streak as oil hurts most of Gulf

Most major Gulf markets fell on Monday due to falling oil prices and mounting fears of a global slowdown

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser

Most major Gulf markets fell on Monday due to falling oil prices and mounting fears of a global slowdown after Chinese data showed weakening imports and exports, while Saudi Arabia dropped on weak petrochemical stocks, snapping a seven-day winning streak.

Saudi Arabia's index edged down 0.1 percent, with top petrochemical producer Saudi Basic Industries dipping 0.8 percent and Yanbu National Petrochemicals losing 1.1 percent.

Saudi exchange data released on Sunday showed foreigners were net buyers of 1.03 billion riyals ($274.60 million) of stocks last week, up from the 134.3 miilion riyals of stocks foreigners bought the week before.

But Dallah Healthcare gained 3.1 percent after the Capital Market Authority approved its request to increase capital through bonus shares.

In Dubai, the index shed 0.8 percent as all but one of its real estate shares dropped.

The emirate's largest listed developer, Emaar Properties, slipped 2 percent, while DAMAC Properties lost 2.7 percent and was the biggest drag on the index.

Qatar's index was down 0.5 percent, with 17 of its 20 stocks falling, as its banking stocks all decreased. Qatar Islamic Bank dropped 0.6 percent and heavyweight Industries Qatar fell 0.8 percent.

The Abu Dhabi index was flat after three straight sessions of gains, with Aldar Properties shedding 1.3 percent.

In Oman, the index gained 0.2 percent, with Raysut Cement soaring 9.2 percent after reporting higher annual revenue.

($1 = 3.7509 riyals)

(Reporting by Shakeel Ahmad in Bengaluru, editing by Louise Heavens) ((shakeel.ahmad.thomsonreuters.com@reuters.net;))

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