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MIDEAST STOCKS-Saudi gains on banking strength; UAE bourses slip as financials weigh

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Saudi Arabian shares rose in early trade on Tuesday, led by gains in banking stocks, while losses in financials weighed on Dubai and Abu Dhabi equity markets.

Aug 25 (Reuters) - Saudi Arabian shares rose in early trade on Tuesday, led by gains in banking stocks, while losses in financials weighed on Dubai and Abu Dhabi equity markets.

The Saudi Arabian benchmark index .TASI rose 0.4%, with Saudi British Bank 1060.SE and Al Rajhi Bank 1120.SE gaining 1.7% and 0.5%, respectively.

National Shipping Carrier of Saudi Arabia (Bahri) 4030.SE gained 0.7%, after Saudi state-owned companies SALIC and Bahri announced forming a commodities joint venture, National Grains Company, on Monday.

Dubai's main share index .DFMGI dropped 0.5%, dragged by a 2.7% decline in Emirates NBD Bank ENBD.DU and a 1% fall in blue-chip developer Emaar Properties EMAR.DU.

The Abu Dhabi index .ADI lost 0.6%, hurt by a 1% fall in the country's largest lender First Abu Dhabi Bank FAB.AD and a 0.4% slip in telecoms firm Etisalat ETISALAT.AD.

The Qatari index .QSI rose 0.2%, helped by a 0.5% gain in Qatar Islamic Bank QISB.QA and a 1.4% increase in Barwa Real Estate Company BRES.QA.

Petrochemical firm Industries Qatar IQCD.QA, however, fell 1%, after hitting its highest level since Jan. 29 in the previous session.

(Reporting by Ateeq Shariff in Bengaluru; Editing by Rashmi Aich)

((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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