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Saudi stocks slide on banks as most Gulf markets lower

10/15/2019 | 04:05am EDT
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)

ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY 0.04% 341.57 Delayed Quote.26.95%
DEYAAR DEVELOPMENT 0.00% 0.301 End-of-day quote.7.12%
EMAAR DEVELOPMENT -0.79% 3.75 End-of-day quote.36.36%
EMAAR PROPERTIES 0.74% 4.09 End-of-day quote.15.86%
FIRST ABU DHABI BANK P.J.S.C. -1.06% 16.76 End-of-day quote.29.92%
INTERNATIONAL HOLDING COMPANY PJSC -0.82% 96.6 End-of-day quote.130.00%
MASRAF AL RAYAN (Q.P.S.C.) 0.16% 4.444 End-of-day quote.-1.90%
OOREDOO Q.P.S.C. -0.03% 6.976 End-of-day quote.-7.23%
RIYAD BANK -0.57% 26.1 End-of-day quote.29.21%
S&P QATAR LARGEMIDCAP INDEX NTR 0.00% 329.26 Delayed Quote.4.30%
SAUDI ARABIAN MINING COMPANY (MA'ADEN) 1.93% 58.2 End-of-day quote.43.70%
THE SAUDI NATIONAL BANK 0.00% 53.9 End-of-day quote.24.34%
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