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Saudi stocks slide on banks as most Gulf markets lower

10/15/2019 | 04:05am EST
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh

(Reuters) - Most Gulf stock markets were lower on Tuesday with banking stocks weighing in Saudi Arabia.

The Saudi Arabian index <.TASI> shed 0.5% in early trading, as Riyad Bank declined 2.1% and National Commercial Bank, the kingdom's largest lender by assets, decreased 1.2%.

Saudi Arabian Mining Co (Ma'aden) slid 1.2%, having signed a cooperation agreement with Russia's PhosAgro to support food security.

The Qatar index <.QSI> edged up 0.1%, with lender Masraf Al Rayan gaining 1.6%. Ooredoo inched up 0.3% after subsidiary Indosat agreed to sell 3,100 towers to two buyers.

Dubai's index <.DFMGI> dropped 0.4%, hit by real estate stocks. Emaar Properties lost 1.1%, while its unit Emaar Development was down 2.7%.

But Deyaar Development rose 3%, extending gains. On Sunday the developer said its board will meet on Wednesday to approve third-quarter results.

Abu Dhabi's index <.ADI> was also down 0.4% as First Abu Dhabi Bank, the country's largest lender, slipped 0.7% while International Holding plunged 4.8%.

(Reporting by Ateeq Shariff in Bengaluru; editing by John Stonestreet)

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY -2.46% 295.4 Delayed Quote.12.56%
DEYAAR DEVELOPMENT -1.65% 0.298 End-of-day quote.6.05%
EMAAR DEVELOPMENT -0.97% 3.06 End-of-day quote.11.27%
EMAAR PROPERTIES -1.47% 4.02 End-of-day quote.13.88%
FIRST ABU DHABI BANK P.J.S.C. -0.43% 14 End-of-day quote.8.53%
INTERNATIONAL HOLDINGS COMPANY 0.00% 42.2 End-of-day quote.0.48%
MASRAF AL RAYAN (Q.P.S.C.) -0.39% 4.578 End-of-day quote.1.06%
OOREDOO Q.P.S.C. -1.21% 8.42 End-of-day quote.11.97%
RIYAD BANK 1.05% 21.12 End-of-day quote.4.55%
S&P QATAR LARGEMIDCAP INDEX NTR 0.00% 329.83 Delayed Quote.4.48%
SAUDI ARABIAN MINING COMPANY (MA'ADEN) -0.36% 42 End-of-day quote.3.70%
THE NATIONAL COMMERCIAL BANK -0.44% 44.75 End-of-day quote.3.23%
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