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MIDEAST STOCKS-Dubai leads most of Gulf lower; Abu Dhabi edges up

Credit: REUTERS/STRINGER

Most major bourses in the Gulf ended lower on Thursday, driven down by losses in financial shares, with Dubai shares falling the most, although the Abu Dhabi index bucked the trend.

By Ateeq Shariff

Aug 27 (Reuters) - Most major bourses in the Gulf ended lower on Thursday, driven down by losses in financial shares, with Dubai shares falling the most, although the Abu Dhabi index bucked the trend.

Saudi Arabia's benchmark index .TASI fell 0.3%, with National Commercial Bank 1180.SE shedding 1.4% and Al Rajhi Bank 1120.SE losing 0.3%.

Saudi British Bank (SABB) 1060.SE retreated 1.6%

SABB on Tuesday had reported a net loss widening to 6.87 billion riyals ($1.83 billion) in the quarter compared with a loss of 196 million riyals a year earlier, due to an impairment in goodwill worth 7.42 billion riyals.

Dubai's main share index .DFMGI dropped 0.9%, dragged down by a 2.2% fall in Emirates NBD Bank ENBD.DU and a 1.7% drop in Emaar Properties EMAR.DU.

The Abu Dhabi index .ADI edged up 0.1%, helped by a 0.5% rise in the country's largest lender First Abu Dhabi Bank FAB.AD.

Abu Dhabi raised $5 billion through a three-tranche bond offering on Tuesday, the oil-rich Gulf emirate's third foray into the international debt markets this year to prop up its finances after a fall in crude prices.

In Qatar, the index .QSI eased 0.2%, hurt by a 1.5% fall in petrochemical firm Industries Qatar IQCD.QA and a 0.8% drop in Qatar Gas Transport QGTS.QA.

Outside the Gulf, Egypt's blue-chip index added 0.1%, bolstered by a 0.5% gain in top lender Commercial International Bank COMI.CA.

SAUDI ARABIA

.TASI lost 0.3% to 7,934 points

ABU DHABI

.ADI added 0.1% to 4,535 points

DUBAI

.DFMGI fell 0.9% to 2,269 points

QATAR

.QSI eased 0.2% to 9,883 points

EGYPT

.EGX30 up 0.1% to 11,462 points

BAHRAIN

.BAX rose 0.6% to 1,381 points

OMAN

.MSI slipped 0.3% to 3,737 points

KUWAIT

.BKP was up 0.4% at 5,853 points

(Reporting by Ateeq Shariff in Bengaluru Editing by Mark Heinrich)

((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))

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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