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MIDEAST STOCKS-Major Gulf markets dip as financials decline

Credit: REUTERS/NASEEM ZEITOON

Major stock markets in the Gulf fell in early trade on Thursday, hurt by losses in banking shares, with Dubai stocks falling the most.

Oct 15 (Reuters) - Major stock markets in the Gulf fell in early trade on Thursday, hurt by losses in banking shares, with Dubai stocks falling the most.

Saudi Arabia's benchmark index .TASI slipped 0.3%, with National Commercial Bank 1180.SE losing 1% and Samba Financial Group 1090.SE shedding 1.2%.

The lenders gained in the previous sessions after they entered a binding merger agreement to create a combined entity with 837 billion riyals ($223.15 billion) in assets.

Dubai's main share index .DFMGI declined 0.7%, driven down by a 2.4% fall in Emirates NBD Bank ENBD.DU and a 1.1% decrease in Emaar Properties EMAR.DU.

The Abu Dhabi index .ADI lost 0.3%, pressured by a 0.7% drop in First Abu Dhabi Bank FAB.AD.

The United Arab Emirates' largest lender on Wednesday denied a local news report that said it was in merger talks with Abu Dhabi Islamic Bank ADIB.AD.

Shares of Abu Dhabi Islamic Bank were up 0.5% on Thursday.

In Qatar, the index .QSI lost 0.4%, with Qatar Islamic Bank QISB.QA and petrochemical firm Industries Qatar IQCD.QA dropping 0.9% and 0.8%, respectively.

Qatar Islamic Bank reported a net profit of 2.22 billion riyals ($609.89 million) for the nine months ended Sept. 30, compared with 2.22 billion riyals a year earlier.

($1 = 3.7509 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Aditya Soni)

((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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