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MIDEAST STOCKS-Saudi shares fall after news king in hospital

Credit: REUTERS/FAISAL AL NASSER

Saudi Arabian shares retreated on Monday, with most stocks in negative territory after news King Salman bin Abdulaziz had been admitted to hospital, while most other Middle Eastern markets ended higher.

By Ateeq Shariff

July 20 (Reuters) - Saudi Arabian shares retreated on Monday, with most stocks in negative territory after news King Salman bin Abdulaziz had been admitted to hospital, while most other Middle Eastern markets ended higher.

The king, who is suffering from inflammation of the gall bladder, is undergoing medical checks, state news agency SPA said on Monday.

Saudi Arabia's benchmark index .TASI declined 0.6% after shedding as much as 2.2% during the session. Petrochemical maker Saudi Basic Industries 2010.SE lost 1.5% and Al Rajhi Bank 1120.SE was down 0.5%.

Saudi Kayan Petrochemical 2350.SE also slid 2.1%, after it reported a second-quarter loss.

Egypt's blue-chip index .EGX30 traded 1% higher, ending a five-day losing streak, with top lender Commercial International bank COMI.CA gaining 2.6%.

Dubai's main share index .DFMGI closed up 0.2%, bolstered by a 2.7% rise in blue-chip developer Emaar Properties EMAR.DU.

However, the impact of the novel coronavirus on earnings weighed on some stocks.

Emirates NBD Bank ENBD.DU ended 1.9% down after the lender reported a 58% plunge in second-quarter profit.

Emirates REIT REIT.DI, a Dubai-based sharia-compliant real estate investment trust, said in a statement it was considering de-listing from Nasdaq Dubai .FTDUAE in response to a downturn in the United Arab Emirates' real estate sector and weak equity market conditions.

The company's shares were down 4.7%.

In Abu Dhabi, the index .ADI lost 0.4%, dragged down by a 2.2% fall in the country's largest lender First Abu Dhabi Bank FAB.AD.

The Qatari index .QSI rose 0.6%, led by a 1.8% gain in Qatar Fuel Company QFLS.QA and a 1.2% increase in Qatar Electricity and Water Company QEWC.QA following an increase in first-half net profit.

SAUDI ARABIA

.TASI fell 0.6% to 7,377 points

ABU DHABI

.ADI lost 0.4% to 4,239 points

DUBAI

.DFMGI rose 0.2% to 2,065 points

QATAR

.QSI gained 0.6% to 9,372 points

EGYPT

.EGX30 was up 1% at 10,380 points

BAHRAIN

.BAX added 0.2% to 1,293 points

OMAN

.MSI was up 0.2% to 3,459 points

KUWAIT

.BKP slipped 0.1% to 5,430 points

($1 = 3.6728 UAE dirham)

($1 = 3.6400 Qatar riyals)

(Reporting by Ateeq Shariff in Bengaluru; editing by Barbara Lewis)

((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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