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MIDEAST STOCKS-Most Gulf bourses fall as financial shares drag; Saudi up

Credit: REUTERS/FAISAL AL NASSER

Most major stock markets in the Gulf ended lower on Wednesday, pressured by losses in financial shares, although the Saudi index bucked the trend to close higher.

By Ateeq Shariff

Aug 26 (Reuters) - Most major stock markets in the Gulf ended lower on Wednesday, pressured by losses in financial shares, although the Saudi index bucked the trend to close higher.

Saudi Arabia's benchmark index .TASI edged up 0.2%, helped by a 2.2% rise in Banque Saudi Fransi 1050.SE and a 4.1% jump in Sahara International Petrochemical Company 2310.SE.

Elsewhere, Saudi British Bank (SABB) 1060.SE reversed earlier losses to close up 1.6%.

SABB on Tuesday reported a net loss of 6.87 billion riyals ($1.83 billion) in the quarter ended June 30, compared with a loss of 196 million riyals a year earlier.

Dubai's main share index .DFMGI fell 0.7%, with sharia-compliant lender Dubai Islamic Bank DISB.DU losing 1.9% and blue-chip developer Emaar Properties EMAR.DU down 1.7%.

In Abu Dhabi, the index .ADI dropped 0.6%, dragged down by a 1.2% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and 3.7% slide in Aldar Properties ALDAR.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 following a fall in crude prices.

In Qatar, the index .QSI eased 0.1%, hurt by a 0.9% fall in petrochemical firm Industries Qatar IQCD.QA and a 0.5% drop in Commercial Bank COMB.QA.

Masraf Al Rayan MARK.QA, however, gained 1%. The Islamic lender has tightened the price guidance for its five-year U.S. dollar-denominated sukuk and received more than $3.1 billion in orders, a document showed on Wednesday.

Outside the Gulf, Egypt's blue-chip index .EGX30 slipped 0.1%, with investment bank EFG Hermes HRHO.CA losing 3% and Talaat Mostafa Holding TMGH.CA retreated 2.3%.

SAUDI ARABIA

.TASI rose 0.2% to 7,955 points

ABU DHABI

.ADI dropped 0.6% to 4,530 points

DUBAI

.DFMGI fell 0.7% to 2,289 points

QATAR

.QSI eased 0.1% to 9,899 points

EGYPT

.EGX30 down 0.1% to 11,454 points

BAHRAIN

.BAX slipped 0.1% to 1,373 points

OMAN

.MSI gained 0.5% to 3,745 points

KUWAIT

.BKP was up 0.4% at 5,828 points

($1 = 3.7503 riyals)

(Reporting by Ateeq Shariff in Bengaluru; Editing by Mark Potter)

((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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