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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)

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY 0.50% 361.59 Delayed Quote.33.73%
DEYAAR DEVELOPMENT PJSC -0.69% 0.289 End-of-day quote.2.85%
EMAAR DEVELOPMENT PJSC 3.02% 3.75 End-of-day quote.36.36%
EMAAR PROPERTIES PJSC 1.79% 3.98 End-of-day quote.12.75%
FIRST ABU DHABI BANK P.J.S.C. 1.97% 16.58 End-of-day quote.28.53%
INTERNATIONAL HOLDING COMPANY PJSC 0.45% 132.6 End-of-day quote.215.71%
MASRAF AL RAYAN (Q.P.S.C.) -1.71% 4.32 End-of-day quote.-4.64%
OOREDOO Q.P.S.C. -0.70% 7.09 End-of-day quote.-5.72%
RIYAD BANK 0.19% 26.2 End-of-day quote.29.70%
S&P QATAR LARGEMIDCAP INDEX NTR 0.00% 332.77 Delayed Quote.5.41%
SAUDI ARABIAN MINING COMPANY (MA'ADEN) 1.90% 69.9 End-of-day quote.72.59%
THE SAUDI NATIONAL BANK 1.10% 55 End-of-day quote.26.87%
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