World Markets

MIDEAST STOCKS-Lender Emirates NBD drags on Dubai index


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.


.TASI eased 0.2% to 8,533 points


.ADI lost 0.4% to 4,543 points


.DFMGI fell 1.3% to 2,181 points


.QSI added 0.2% to 10,016 points


.EGX30 up 0.1% to 11,158 points


.BAX eased 0.4% to 1,455 points


.MSI was flat at 3,587 points


.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)

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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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