|21 November, 2019

Mideast Stocks: Saudi ends winning streak as other Gulf markets drop

In Saudi Arabia, the benchmark index fell 0.2%, as Saudi Basic Industries decreased 0.3%, while Savola Group was down 1.2%

Saudi Arabia's stock market opened lower early on Thursday, snapping a four-day winning streak, while other major Gulf markets were pressured by their banking shares.

In Saudi Arabia, the benchmark index fell 0.2%, as Saudi Basic Industries decreased 0.3%, while Savola Group was down 1.2%.

The index, however, saw some support from banking shares with the kingdom's largest lender National Commercial Bank and Al Rajhi Bank gaining 0.5% and 0.2% respectively.

Dubai's main index slid 0.8% with blue-chip developer Emaar Properties shedding 1.5%, while Emirates NBD Bank dropped 1.2%.

The lender raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, NBD Bank said on Thursday.

Arabtec Holding dived 9.9%. On November 15, the Dubai-listed contractor reported a third-quarter loss of 437.4 million dirhams, compared with a profit of 67.5 million dirhams a year earlier.

In Abu Dhabi, the index declined 0.7%, hurt by financial stocks with market heavyweight First Abu Dhabi Bank easing 0.8%.

International Holding retreated 5.7%, ending two straight days of gains. The aquaculture firm surged in last two sessions after it called off its acquisition of SHUAA Capital International on Tuesday.

Qatar's index decreased 0.4% led by a 1.7% fall in Qatar International Islamic Bank, and a 0.7% drop in Industries Qatar.

($1 = 3.6728 UAE dirham)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Shailesh Kuber) ((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

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