Mideast Stocks: Financials hurt Qatar, most Gulf markets muted

Qatar's index fell 0.2%, led by a 1.5% decline in Qatar National Bank

  
A trader uses his smartphone to follow news of U.S. presidential elections as he monitors a screen displaying stock information at Qatar Stock Exchange in Doha, Qatar November 9, 2016. Image for illustrative purposes.

A trader uses his smartphone to follow news of U.S. presidential elections as he monitors a screen displaying stock information at Qatar Stock Exchange in Doha, Qatar November 9, 2016. Image for illustrative purposes.

REUTERS/Naseem Zeitoon

Qatar's stock market slipped on Tuesday as its blue-chip shares faltered. Most major Gulf markets dipped in subdued trading.

Qatar's index fell 0.2 percent, led by a 1.5 percent decline in Qatar National Bank, the largest bank by assets in the Middle East and Africa, and a 3.4 percent drop in Qatar Fuel.

Qatari Islamic lender Masraf Al Rayan was down 0.4 percent. It has hired banks before a potential sale of U.S. dollar-denominated sukuk, or Islamic bonds, Reuters reported.

The Saudi index dropped 0.1 percent, with Wataniya Insurance sliding 4.1 percent after reporting its full-year net profit fell.

Basic Chemical Industries decreased 3.3 percent after deciding against paying a dividend for 2018.

Al Tayyar Group surged 6.9 percent to its highest since May 2018, after Uber's deal to buy Careem. As a shareholder in Careem, the firm expects to see a gross profit of 1.78 billion riyals ($474.64 million) from the transaction.

The Dubai index  lost 0.2 percent. The developer Emaar Properties falling 1.5 percent.

The Abu Dhabi index inched up 0.1 percent. Eshraq Properties rose 1.1 percent after its board approved on Monday the cross listing of its shares on the Saudi's main Tadawul index.

($1 = 3.6725 UAE dirham)

($1 = 3.7502 riyals)

(Reporting by Ateeq Shariff in Bengaluru, editing by Larry King) ((mailto:AteeqUr.Shariff@thomsonreuters.com; +918067497129;))

More From Equities