Mideast Stocks: Saudi gains on banking strength; UAE bourses slip as financials weigh

The Saudi Arabian benchmark index rose 0.4%

  

Saudi Arabian shares rose in early trade on Tuesday, led by gains in banking stocks, while losses in financials weighed on Dubai and Abu Dhabi equity markets.

The Saudi Arabian benchmark index rose 0.4%, with Saudi British Bank and Al Rajhi Bank gaining 1.7% and 0.5%, respectively.

National Shipping Carrier of Saudi Arabia (Bahri) gained 0.7%, after Saudi state-owned companies SALIC and Bahri announced forming a commodities joint venture, National Grains Company, on Monday.

Dubai's main share index dropped 0.5%, dragged by a 2.7% decline in Emirates NBD Bank and a 1% fall in blue-chip developer Emaar Properties.

The Abu Dhabi index lost 0.6%, hurt by a 1% fall in the country's largest lender First Abu Dhabi Bank and a 0.4% slip in telecoms firm Etisalat.

The Qatari index rose 0.2%, helped by a 0.5% gain in Qatar Islamic Bank and a 1.4% increase in Barwa Real Estate Company.

Petrochemical firm Industries Qatar, however, fell 1%, after hitting its highest level since Jan. 29 in the previous session.

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

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