Mideast Stocks: Saudi outperforms in weak Gulf, while property shares weigh on Dubai

Nine of 11 Saudi Arabian banks in positive territory

  
An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser

Most major Middle Eastern markets ended lower on Monday with losses in real estate shares weighing on the Dubai index, while the Saudi market bucked the trend to close higher.

The benchmark index in Saudi Arabia rose 1%, with oil giant Saudi Aramco gaining 2.1% and Al Rajhi Bank rising 1.1%.

The kingdom shipped 6.1 million barrels per day of crude oil in September, slightly above August levels, and kept output steady at 8.974 million bpd last month, Reuters reported on Monday, citing an industry source. 

Dubai's main share index declined 0.9%, dragged down by a 1.8% fall in blue-chip developer Emaar Properties and a 1% drop in Emirates NBD Bank.

The Abu Dhabi index slipped 0.1%, hit by a 0.2% loss in the country's largest lender First Abu Dhabi Bank and a 1% fall in Aldar Properties.

The United Arab Emirates' non-oil private sector swung back to growth in September, a survey showed on Monday, but firms continued to shed jobs amid cash flow issues and concerns over renewed restrictions to contain coronavirus. 

Last week the UAE recorded its highest daily number of new infections with 1,158 cases, after a surge in infections over the past two months that authorities have blamed on poor adherence to social distancing measures.

In Qatar the index ended flat, with Qatar Islamic Bank losing 1%.

Aquaculture firm International Holding Company (IHC) however rose 0.8% after its subsidiary IHC Food Holding struck a $225 million deal with DAL Group to develop and cultivate farm land in Sudan's River Nile State. 

Outside the Gulf, Egypt's blue-chip index fell 0.6% with most stocks on the index retreating, including Ibnsina Pharma, which was down 3.6%.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan Harvey) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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