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Saudi snaps winning streak as oil hurts most of Gulf


Reuters


Jan 14 (Reuters) - Most major Gulf markets fell on Monday due to falling oil prices and mounting fears of a global slowdown after Chinese data showed weakening imports and exports, while Saudi Arabia dropped on weak petrochemical stocks, snapping a seven-day winning streak.

Saudi Arabia's index edged down 0.1 percent, with top petrochemical producer Saudi Basic Industries dipping 0.8 percent and Yanbu National Petrochemicals losing 1.1 percent.

Saudi exchange data released on Sunday showed foreigners were net buyers of 1.03 billion riyals ($274.60 million) of stocks last week, up from the 134.3 miilion riyals of stocks foreigners bought the week before.

In Dubai, the index shed 0.8 percent as all but one of its real estate shares dropped.

The emirate's largest listed developer, Emaar Properties, slipped 2 percent, while DAMAC Properties lost 2.7 percent and was the biggest drag on the index.

Qatar's index was down 0.5 percent, with 17 of its 20 stocks falling, as its banking stocks all decreased. Qatar Islamic Bank dropped 0.6 percent and heavyweight Industries Qatar fell 0.8 percent.

The Abu Dhabi index was flat after three straight sessions of gains, with Aldar Properties shedding 1.3 percent.

In Oman, the index gained 0.2 percent, with Raysut Cement soaring 9.2 percent after reporting higher annual revenue.

($1 = 3.7509 riyals)





This article appears in: Stocks , World Markets , Politics



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