World Markets

MIDEAST STOCKS-Banks elevate Saudi index; other Gulf markets mixed

Credit: REUTERS/FAISAL AL NASSER

Saudi Arabia's stock market rose in early trade on Monday, supported by banking stocks, while real estate stocks led the losses in Dubai.

Nov 18 (Reuters) - Saudi Arabia's stock market rose in early trade on Monday, supported by banking stocks, while real estate stocks led the losses in Dubai.

In Saudi Arabia, the benchmark index .TASI gained 0.6% with Al Rajhi Bank 1120.SE increasing 0.8% and National Commercial Bank 1180.SE adding 1.3%.

Among other stocks, Mediterranean And Gulf Cooperative Insurance And Reinsurance 8030.SE leapt 3%, a day after it signed a health insurance contract with Saudi Electricity 5110.SE.

Saudi Industrial Export 4140.SE was up 0.8%, following its board approval on Sunday, to open a branch in Baghdad.

Basic Chemical Industries 1210.SE opened 0.4% up. The chemical firm, in a bourse filing, said that it has completed 35% of work in its Chlorine Production Project at Jubail Industrial City.

The Dubai's index .DFMGI declined 0.5% as Arabtec Holding ARTC.DU dived 10%, its biggest fall since May.

On Friday, the Dubai-listed contractor swung to a third-quarter loss of 437.4 million dirhams ($119.09 million), compared with a profit of 67.5 million dirhams a year earlier.

DAMAC Properties DAMAC.DU slid 3.2%. On Wednesday, the owner of the only Trump-branded golf club in the Middle East, reported a 78% drop in third-quarter profit amid an extended slowdown in Dubai's property sector.

DAMAC shares have fallen by around 45% this year with profits contracting in the first three quarters, according to Refinitiv data.

Earlier in September, Dubai announced the establishment of a real estate planning committee tasked with regulating the real sector.

In Abu Dhabi, the index .ADI edged up 0.1%, a day after it saw its biggest fall since August, with First Abu Dhabi Bank (FAB) FAB.AD increasing 0.5% and Gulf Cement GCEM.AD jumping 6.3%.

In Qatar, the index .QSI traded flat with telecoms and energy firms moving sideways. Ooredoo ORDS.QA lost 1%, while Qatar Gas Transport QGTS.QA was up 0.4%. ($1 = 3.6728 UAE dirham)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Alex Richardson)

((shamsuddin.mohd@thomsonreuters.com; +918067497252;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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