Mideast stocks – Gulf falls as Trump comment trips up oil; Dubai and Qatar sharply lower

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Most Gulf stock markets fell on Tuesday, with Saudi Arabia marginally lower and Dubai and Qatar sharply down, after oil prices retreated on comments by U.S. President Donald Trump pressuring OPEC not to go ahead with a supply cut.

Brent oil <LCOc1> hovered near multi-month lows under $70 a barrel following a decline for a record 11th consecutive session amid softening demand, and after Trump said he hoped there would be no oil output reductions.

Saudi Arabia’s main index <.TASI> was down 0.3 percent. Saudi Basic Industries <2010.SE> lost 0.8 percent, and Al-Rajhi Bank <1120.SE> fell 0.7 percent.

However, Medgulf <8030.SE> rose 6.4 percent to its highest in nearly three months and was the third most traded stock on the bourse after signing a health insurance contract with Saudi Electricity <5110.SE>.

In Dubai, the blue-chip index <.DFMGI> fell one percent, dragged down by a 2.8 percent drop in banking heavyweight Emirates NBD <ENBD.DU>.

Islamic Arab Insurance <SALAMA.DU> lost 5.1 percent after posting a third-quarter loss compared with a year-ago profit. Union Properties <UPRO.DU> was down one percent after its loss widened in the third quarter.

The Qatar index <.QSI> also shed one percent, as lender Masraf Al Rayan <MARK.QA> fell 2.5 percent and Industries Qatar <IQCD.QA> slipped 2.1 percent. Qatar National Bank <QNBK.QA> was down 0.8 percent.

Egypt’s main index <.EGX30> was one percent lower as Sidpec <SKPC.CA> slipped 7.1 percent, while Global Telecom Holding <GTHE.CA> fell 5.6 percent.

The Abu Dhabi index <.ADI> inched 0.3 percent higher, with banking giant First Abu Dhabi Bank <FAB.AD> gaining 0.7 percent.

National Marine Dredging <NMDC.AD> surged 14.7 percent, a day after posting a two-fold jump in third-quarter profit.

Abu Dhabi Islamic Bank <ADIB.AD>, which had soared over 13 percent to a 2-1/2-year high on Monday after saying it would let foreigners buy its shares, retreated 1.7 percent.

(Reuters)

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1 comment

Saudi moves sideways in quiet, early trade - Middle East AffairsJanuary 1, 2019 - 11:24 am

[…] Arabia’s stock market moved sideways early on Tuesday in very thin trade, with the banking and petrochemical sectors […]

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