|06 November, 2019

Mideast Stocks: Most Gulf stocks dragged down by financial services; Dubai up

In Saudi Arabia, the benchmark index edged down 0.1%. Al Rajhi Bank fell 0.5% and Banque Saudi Fransi dropped 2%

An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

An investor monitors an electronic board displaying stock information at the Dubai Financial Market June 13, 2013.

REUTERS/Ahmed Jadallah

Most major Gulf stock markets fell on Wednesday, driven down by their financial-services shares, while Dubai gained along with its property shares.

In Saudi Arabia, the benchmark index edged down 0.1%. Al Rajhi Bank fell 0.5% and Banque Saudi Fransi dropped 2% after reporting a decline in third-quarter net profit, which it blamed on higher operating expenses and impairment charges.

Alahli Takaful fell 0.7% after third-quarter profit declined more than 35% as its general and administrative expenses rose.

Jarir Marketing added 0.6% after it proposed a third-quarter dividend of 2.5 riyals per share, higher than the Sthird quarter a year earlier.

Dubai's main share index gained 0.2% with its largest listed developer, Emaar Properties, rising 0.7% and DAMAC Properties up 2.3%.

The Abu Dhabi index fell 0.2%. The country's largest bank First Abu Dhabi Bank, lost 0.4%.

Qatar's index was also down 0.2%, led by a 0.7% decline in Qatar National Bank and a 0.8% drop in Mesaieed Petrochemical. (Reporting by Shamsuddin Mohd in Bengaluru, editing by Larry King)

© Reuters News 2019

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