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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 -1.94% 256.43 Delayed Quote.48.00%
DEYAAR DEVELOPMENT -1.04% 0.285 End-of-day quote.-24.00%
EMAAR DEVELOPMENT 0.36% 2.76 End-of-day quote.-29.59%
EMAAR PROPERTIES -0.31% 3.26 End-of-day quote.-18.91%
FIRST ABU DHABI BANK P.J.S.C. -0.47% 12.8 End-of-day quote.-15.57%
INTERNATIONAL HOLDINGS COMPANY -0.70% 39.82 End-of-day quote.542.26%
MASRAF AL RAYAN (Q.P.S.C.) 0.09% 4.3 End-of-day quote.8.59%
OOREDOO Q.P.S.C. -0.91% 6.718 End-of-day quote.-5.11%
RIYAD BANK 2.85% 20.94 End-of-day quote.-12.75%
S&P QATAR LARGEMIDCAP INDEX NTR 0.06% 313.71 Delayed Quote.-2.07%
SAUDI ARABIAN MINING COMPANY (MA'ADEN) -0.60% 41.2 End-of-day quote.-7.21%
THE NATIONAL COMMERCIAL BANK -0.92% 43 End-of-day quote.-12.69%
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