Mideast Stocks: Major Gulf markets subdued, poor earnings hit Saudi shares

Saudi Arabia's benchmark index eased 0.2%


Saudi Arabian shares fell on Wednesday following a slew of disappointing corporate results, while a weakness in financial stocks weighed on other major markets in the Gulf.

Saudi Arabia's benchmark index eased 0.2%, pressured by a 3.8% slide in Saudi British Bank (SABB).

SABB reported a net loss of 6.87 billion riyals ($1.83 billion) in the quarter ending June 30, compared with a loss of 196 million riyals a year earlier.

The lender cited an impairment of goodwill worth 7.42 billion riyals as the reason behind the surge in net loss.

Prince Alwaleed bin Talal's firm Kingdom Holding Co  fell 0.4% after it posted a net loss in the second quarter.

In Dubai, the index lost 0.3%, with Emirates NBD Bank and sharia-compliant lender Dubai Islamic Bank falling 0.5% each.

The Abu Dhabi index fell 0.4%, weighed down by a 1% decline in the country's largest lender First Abu Dhabi Bank and a 1.2% drop in Abu Dhabi Commercial Bank.

Abu Dhabi raised $5 billion through a three-tranche bond offering on Tuesday, the oil-rich Gulf emirate's third foray into the international debt markets this year to prop up its finances following a fall in crude prices.

In Qatar, the index slipped 0.2%, hurt by a 0.9% fall in petrochemical firm Industries Qatar and a 0.3% slide in Qatar Islamic Bank.

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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