Mideast Stocks: Most Gulf markets fall as top lender weighs on Dubai

Bindawood Holding jumps on debut trade

  
Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.

Image used for illustrative purpose. Traders monitor stock information at Dubai Financial Market, in Dubai, United Arab Emirates, June 5, 2017.

REUTERS/Stringer

Most Gulf markets ended lower on Wednesday, with the Dubai bourse hit by losses in top lender Emirates NBD.

Saudi Arabia's benchmark index lost 0.4%, with Advanced Petrochemical shedding 2.5% and Banque Saudi Fransi losing 1.2%.

But shares of BinDawood Holding jumped 10% to become the top gainer on the index on their first day of trading.

The supermarket retailer offered 22.86 million shares or 20% of its share capital at an offer price of 96 riyals ($25.60) per share.

Dubai's main share index fell 0.4% in an extension of losses from the previous session, dragged down by a 3.4% fall in its biggest lender Emirates NBD.

On Tuesday, the lender reported a sharp decline in quarterly profit, hit by a rise in bad debt charges resulting from the COVID-19 crisis. 

The index's losses, however, were limited by gains at DAMAC Properties, which jumped 14.4% as investors hunted for bargains.

There has been speculation about possible plans to take the company private but no final decision has been taken yet.

Hussain Sajwani, DAMAC's founder and chairman, has been exploring the deal since late 2019 after the firm's share price plunged over the past two years.

The Abu Dhabi index traded flat, with the country's largest lender First Abu Dhabi Bank gaining 0.2%.

In Qatar, the index dropped 0.5%, hurt by a 1.1% fall in petrochemical maker Industries Qatar.

Outside the Gulf, Egypt's blue-chip index fell 0.5%, as most stocks were in negative territory including El Sewedy Electric, which retreated 5%.

($1 = 3.7504 riyals)

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

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