Mideast Stocks: Major Gulf markets dip as banks weigh on Dubai

Saudi Arabia's benchmark index fell 0.2%, with Riyad Bank retreating 2.1% and Al Rajhi Bank losing 0.3%

  

Major stock markets in the Gulf were subdued on Thursday, with Dubai hurt by losses in its banking shares.

Saudi Arabia's benchmark index fell 0.2%, with Riyad Bank retreating 2.1% and Al Rajhi Bank losing 0.3%.

National Industrialization Co slid 0.7% after the petrochemical firm posted a loss of 188.8 million riyals in the second quarter, compared with a profit of 212.1 million riyals a year earlier.

Dubai's main share index declined 0.5%, pressured by a 1% fall in sharia-compliant lender Dubai Islamic Bank and a 0.9% drop in Emirates NBD Bank.

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 eased 0.1%, hurt by a 0.9% decline in Emirates Telecommunications and a 1% decrease 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 dropped 0.5%, with most of its constituent stocks in the red. Lender Masraf Al Rayan lost 1.3%, while Commercial Bank was down 2.1%.

(Reporting by Ateeq Shariff in Bengaluru Editing by David Holmes) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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