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MIDEAST STOCKS-Major Gulf bourses slip as financials weigh

Credit: REUTERS/STRINGER

Financial stocks pressured major indexes in the Gulf in early trade on Thursday, with Saudi British Bank (SABB) weighing on the Saudi index.

Corrects to add dropped word 'slip' in headline

Aug 27 (Reuters) - Financial stocks pressured major indexes in the Gulf in early trade on Thursday, with Saudi British Bank (SABB) weighing on the Saudi index.

The kingdom's benchmark index .TASI eased 0.1%, dragged down by a 1.6% drop in Saudi British Bank 1060.SE and a 0.3% fall in Al Rajhi Bank 1120.SE.

SABB on Tuesday had reported a net loss widened 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 0.4%, with its largest lender Emirates NBD ENBD.DU falling 2.2%, while developer DAMAC Properties DAMAC.DU was down 1.3%.

In Abu Dhabi, the index .ADI lost 0.3%, hurt by Abu Dhabi Commercial Bank's ADCB.AD 2.1% fall and First Abu Dhabi Bank FAB.AD 0.2% decrease.

The Qatari index .QSI slipped 0.2%, weighed by a 0.4% drop in Qatar National Bank QNBK.QA and a 0.9% decline in utility firm Qatar Electricity and Water QEWC.QA.

($1 = 3.7504 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Amy Caren Daniel)

((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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