|21 November, 2019

Mideast Stocks: Financials hit most of Gulf, Egypt continues to slide

All property stocks but one dip in Dubai

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Most Major Gulf stock markets fell on Thursday, weighed down by financial stocks and falling oil prices, while Egypt extended a losing streak to a fourth day.

Oil prices edged lower as fresh tensions between the United States and China over protests in Hong Kong fuelled concern that a deal to end a trade war between the world's top two economies may be further delayed. u

The Abu Dhabi stock index .ADI was down 1%, with First Abu Dhabi Bank, the largest lender in the United Arab Emirates, dropping 0.8% and Abu Dhabi Commercial Bank falling 1%. International Holding (IHC) was down 5.7%.

Egypt's blue-chip index traded 0.9% lower with 22 of its 30 stocks in the red, including Commercial International bank down 2.4% and Credit Agricole Egypt down 2.3%.

Exchange data on Thursday showed foreign investors as net sellers of Egyptian stocks.

In Dubai, the index dropped 0.7% with Emaar Properties losing 1.2% and lender Emirates NBD down 0.8%.

In the real estate sector, Arabtec Holding tumbled 9.9%, while DAMAC Properties fell 3.8%.

Last week, Arabtec said it fell to a third-quarter loss from a profit a year earlier, while DAMAC reported a steep fall in profit for the same period.

Dubai's average property prices are seen declining 10% this year and another 5% next year, according to a Reuters poll of property market experts.

The economy in Dubai is heavily reliant on global trade, which has been under pressure from the U.S.-China trade war.

Qatar's index fell 0.7% as Qatar Islamic Bank lost 2.2%, the biggest loser on the index, and Qatar National Bank  slipped 0.6%.

Saudi Arabia's benchmark index edged up 0.1% with Al Rajhi Bank gaining 1.3% and Alinma Bank adding 0.4% after appointing Abdulmalik bin Abdullah Alhogail as chairman.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan) ((AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

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