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MIDEAST STOCKS-Saudi stocks extend losses, UAE gains in early trade

Credit: REUTERS/FAISAL AL NASSER

Most Gulf stocks fell in early trading on Monday, with Saudi Arabia extending losses from the previous session as oil prices fell, but indexes in the United Arab Emirates traded higher due to a bounce in real estate shares.

Oct 26 (Reuters) - Most Gulf stocks fell in early trading on Monday, with Saudi Arabia extending losses from the previous session as oil prices fell, but indexes in the United Arab Emirates traded higher due to a bounce in real estate shares.

Oil slid more than 2%, extending last week's losses as a growing number of COVID-19 cases in the United States and Europe raised worries about crude demand, while the prospect of increased supply also hurt sentiment.

Brent crude .LCOc1, which fell 2.7% last week, was down 2.1% at $40.88 by 0647 GMT on Monday.

Saudi Arabia's index .TASI rose as much as 1.4% in opening trade, but lost ground to fall 0.7%, extending the losses of the previous session, when it plunged 4.1%.

Saudi Aramco 2222.E lost 0.7% and National Commercial Bank 1180.SE was down 1.1%.

Losses were partially offset by a 2.5% rise in Dr. Sulaiman Al-Habib Medical Services Group 4013.SE and a 5% jump in Najran Cement 3002.SE.

On Sunday, the healthcare firm reported a 50.9% rise in quarterly profit , while the cement maker's profit jumped 235.4% in the third quarter to 47.4 million riyals ($12.6 million).

The Dubai index .DFMGI was up 0.4%, with Emaar Properties EMAR.DU rising 1.2% and Dubai Investments DINV.DU gaining 0.7%.

Dubai Investments said on Monday its subsidiary Al Mal Capital had received Securities and Commodities Authority of the UAE (SCA) approval to float its newly founded entity, Al Mal Capital REIT, with a target offer size of 500 million dirhams ($136.14 million).

Abu Dhabi's index .ADI was also up 0.4%, boosted by an 11.3% jump in Aldar Properties ALDAR.AD.

The real estate developer will take over the management and development of government capital projects worth 30 billion dirhams ($8.2 billion) under an agreement with state-backed ADQ, the Abu Dhabi Government Media office said.

The Qatari index .QSI fell 0.6%, hurt by a 3.3% plunge in Commercial Bank COMB.QA. The lender reported a 22% drop in nine-month net profit to 1.15 billion Riyals ($315.8 million).

Kuwait's index .BKP slipped 1.7%, with all but one stock trading in the red. National Bank of Kuwait NBKK.KW led the losers, declining 2.3%.

The country's biggest lender reported a 38% drop in third-quarter net profit, hit by higher provisioning for bad debt and the slowdown caused by the coronavirus pandemic.

($1 = 3.6728 UAE dirham)

($1 = 3.6416 Qatar riyals)

($1 = 3.7503 riyals)

(Reporting by Maqsood Alam in Bengaluru; Editing by Jan Harvey)

((Maqsood.Alam@thomsonreuters.com;))

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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