Mideast Stocks: Gulf shares fall; Aramco closes lower

Saudi Aramco ended 0.6% lower.

  
A saudi man checks his mobile phone following the start of Aramco IPO, in Riyadh, Saudi Arabia, November 17, 2019. Image for illustrative purposes.

A saudi man checks his mobile phone following the start of Aramco IPO, in Riyadh, Saudi Arabia, November 17, 2019. Image for illustrative purposes.

REUTERS/Ahmed Yosri

Gulf stocks mostly fell on Tuesday, with financials pulling down Qatar, while Saudi Arabia's stock index traded flat as energy and property shares moved sideways.

The Qatari index  declined 0.8% with all its financial stocks retreating. Qatar National Bank, the Gulf's largest lender, dropped 1.6% and Qatar Islamic Bank eased 1.2%.

Saudi Arabia's benchmark index was little changed. Samba Financial Group shed 2.2% and Saudi Aramco ended 0.6% lower. Dar Al Arkan gained 1.5% and Makkah Construction was up 1.7%.

Saudi Industrial Services rose 2.8% after its Red Sea Gateway Terminal unit signed a new 30-year concession with the Saudi ports authority to develop the northern part of Jeddah port.

The Dubai index slipped 0.2% as Mashreq Bank plunged 7.8% and Air Arabia fell 1.3%.

Emaar Properties was flat. The developer said that it was considering raising capital against cash flows generated by the observation decks on its Burj Khalifa skyscraper, but was not looking at selling them. 

In Abu Dhabi, the index lost 0.6%. First Abu Dhabi Bank fell 1% and National Bank of Umm Al Qaiwain dropped 9.5%.

The head of global markets at First Abu Dhabi Bank has resigned, Reuters reported on Monday, citing two sources.

Dana Gas gained 0.7% after getting a one-off $42 million dividend payment from Pearl Petroleum in Iraq's Kurdistan region.

Outside the Gulf, Egypt's blue-chip index traded 0.7% lower with 25 of its 30 stocks in the red. Commercial International bank was down 0.6% and El Sewedy Electric down 2%.

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