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MIDEAST STOCKS-Lender Emirates NBD drags on Dubai index

Credit: REUTERS/HAMAD I MOHAMMED

Most Gulf markets ended lower on Tuesday, with the Dubai index particularly hard hit by losses for top lender Emirates NBD.

By Ateeq Shariff

Oct 20 (Reuters) - Most Gulf markets ended lower on Tuesday, with the Dubai index particularly hard hit by losses for top lender Emirates NBD ENBD.DU.

Saudi Arabia's benchmark index .TASI closed 0.2% down after oil behemoth Saudi Aramco 2222.SE lost 0.4% and Saudi Telecom Company 7010.SE declined by 1%.

Saudi Aramco and petrochemicals company Saudi Basic Industries 2010.SE have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.

The decision comes as oil companies globally re-assess energy projects to conserve cash, with a collapse in demand caused by the coronavirus pandemic threatening to keep crude prices weak for a protracted period.

Shares in Saudi Basic Industries were down 0.5%.

Dubai's main share index .DFMGI retreated 1.3%, dragged down by a 3.2% fall Emirates NBD ENBD.DU after a sharp decline in quarterly profit, hit by a rise in bad debt charges resulting from the COVID-19 crisis.

Elsewhere, sharia-compliant lender Dubai Islamic Bank DISB.DU was down 1.7%.

The Abu Dhabi index .ADI slipped 0.4%, with largest lender First Abu Dhabi Bank FAB.AD losing 0.7% and Abu Dhabi Commercial Bank ADCB.AD dropping by 2.9%.

In Qatar, the index .QSI edged up by 0.2%, helped by a 1.4% gain for Qatar Gas Transport Company (Nakilat) QGTS.QA after it reported a nine-month net profit up 23.6% year on year.

SAUDI ARABIA

.TASI eased 0.2% to 8,533 points

ABU DHABI

.ADI lost 0.4% to 4,543 points

DUBAI

.DFMGI fell 1.3% to 2,181 points

QATAR

.QSI added 0.2% to 10,016 points

EGYPT

.EGX30 up 0.1% to 11,158 points

BAHRAIN

.BAX eased 0.4% to 1,455 points

OMAN

.MSI was flat at 3,587 points

KUWAIT

.BKP was up 0.4% at 6,245 points

($1 = 3.6728 UAE dirham)

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru Editing by David Goodman)

((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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