Middle East stocks: Most major Gulf markets dip as financial stocks weigh

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Most of the Gulf’s major stock markets ended lower on Thursday, penalized by losses in financial stocks, although the Abu Dhabi index reversed the trend towards the higher closing.

Saudi Arabia’s benchmark fell 0.1%, with Banque Saudi Fransi falling 4.5% and Riyad Bank by 2.2%.

Dubai’s main stock index fell 0.5%, dragged down by a 1.2% drop from sharia-compliant lender Dubai Islamic Bank and a 2.6% drop from logistics company Aramex.

On Wednesday, the United Arab Emirates recorded its highest daily number of COVID-19 infections in more than a month, a day after the Minister of Health warned that cases could increase.

In Abu Dhabi, the index gained 0.9%, driven by a 6.5% jump from Abu Dhabi Commercial Bank and a 6% increase from Aldar Properties.

The Abu Dhabi government is in talks with banks for a new international bond issue, Reuters reported, citing sources, having already raised $ 10 billion through debt issues this year to support its finances amid lows. oil prices and coronavirus crisis.

The Qatari index lost 0.5%, with 15 of the index’s 20 stocks falling. Lender Masraf Al Rayan fell 1.3%, while Commercial Bank fell 1.9%.

** Kuwait, Bahrain and Egypt were closed for a public holiday.

(Reporting by Ateeq Shariff in Bangalore; Editing by Amy Caren Daniel) ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))


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