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Saudi shares fall after news king in hospital

07/20/2020 | 07:20am EST
Traders talk with the officials at Bahrain Bourse in Manama

Saudi Arabian shares retreated on Monday, with most stocks in negative territory after news King Salman bin Abdulaziz had been admitted to hospital, while most other Middle Eastern markets ended higher.

The king, who is suffering from inflammation of the gall bladder, is undergoing medical checks, state news agency SPA said on Monday.

Saudi Arabia's benchmark index declined 0.6% after shedding as much as 2.2% during the session. Petrochemical maker Saudi Basic Industries lost 1.5% and Al Rajhi Bank was down 0.5%.

Saudi Kayan Petrochemical also slid 2.1%, after it reported a second-quarter loss.

Egypt's blue-chip index <.EGX30> traded 1% higher, ending a five-day losing streak, with top lender Commercial International bank gaining 2.6%.

Dubai's main share index closed up 0.2%, bolstered by a 2.7% rise in blue-chip developer Emaar Properties.

However, the impact of the novel coronavirus on earnings weighed on some stocks.

Emirates NBD Bank ended 1.9% down after the lender reported a 58% plunge in second-quarter profit.

Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, said in a statement it was considering de-listing from Nasdaq Dubai in response to a downturn in the United Arab Emirates' real estate sector and weak equity market conditions.

The company's shares were down 4.7%.

In Abu Dhabi, the index lost 0.4%, dragged down by a 2.2% fall in the country's largest lender First Abu Dhabi Bank.

The Qatari index rose 0.6%, led by a 1.8% gain in Qatar Fuel Company and a 1.2% increase in Qatar Electricity and Water Company following an increase in first-half net profit.

By Ateeq Shariff

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
COMMERCIAL INTERNATIONAL BANK -EGYPT S.A.E -0.41% 62.83 End-of-day quote.6.15%
EMAAR PROPERTIES 0.00% 3.94 End-of-day quote.11.61%
EMIRATES NBD BANK 1.73% 11.75 End-of-day quote.14.08%
EMIRATES REIT (CEIC) LTD End-of-day quote.
FIRST ABU DHABI BANK P.J.S.C. -0.27% 14.92 End-of-day quote.15.66%
NASDAQ COMP. 0.15% 13656.48552 Delayed Quote.5.08%
QATAR ELECTRICITY & WATER COMPANY Q.P.S.C. 0.06% 18.16 End-of-day quote.1.74%
QATAR FUEL COMPANY Q.P.S.C.("WOQOD") -0.21% 19.01 End-of-day quote.1.77%
SAUDI BASIC INDUSTRIES CORPORATION -0.19% 102.4 End-of-day quote.0.99%
SAUDI KAYAN PETROCHEMICAL COMPANY -0.42% 14.26 End-of-day quote.-0.28%
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