Saudi stocks slump amid emerging markets sell-off

DUBAI (Reuters) – Saudi Arabia’s stock market dipped on Tuesday as lingering trade disputes weighed on emerging markets.

MSCI’s emerging-market index sank 0.6 percent to a 15-month low amid investor concern over the potential fallout from any escalation in the trade dispute between the United States and China.

The Saudi index swung between gains and losses before finishing the day 0.2 percent down. Banks were the market laggards, with Arab National Bank dropping 2.4 percent, Samba Financial Group down 0.9 percent and National Commercial Bank declining by 1.2 percent.

Al Rajhi Bank fared better with a 0.8 percent gain.

Shares in Saudi Basic Industries Corp (SABIC)

edged up by 0.7 percent after it signed a memorandum of understanding (MOU) with China’s Fujian provincial government to build a petrochemicals complex.

In Dubai, meanwhile, market bellwethers Emirates NBD and Emaar Properties dipped by 1 percent and 0.9 percent respectively, against a 0.6 percent fall for the wider index .

Emaar issued a statement denying local media reports that it will provide 10-year visas to investors, saying that the authorities are responsible for issuing visas.

In Abu Dhabi, First Abu Dhabi Bank reversed an early slump to close 0.3 percent up while Abu Dhabi Commercial Bankrose 1.7 percent. The main index closed 0.1 percent higher.

Qatar’s index firmed by 0.4 percent, continuing a rise that has pushed up the index by 16.4 percent so far this year.

Masraf Al Rayan <MARK.QA> rose by 1.7 percent and Qatar Islamic Bank closed with a 1 percent gain.

SAUDI ARABIA

* The index fell 0.2 percent to 7,694 points.

DUBAI

* The index dropped 0.6 percent to 2,833 points.

ABU DHABI

* The index

gained 0.1 percent to 4,993 points.

QATAR

* The index added 0.4 percent to 9,932 points.

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