MIDEAST STOCKS-Weak oil weighs on main Gulf bourses, Qatar leads losses

Feb 11 (Reuters) – All main Gulf inventory markets slipped on Monday amid falling oil costs, with Qatar dropping sharply as its blue-chip banks slid.

Oil costs fell as drilling exercise in the USA picked up and a refinery fireplace within the U.S. state of Illinois resulted within the shutdown of a giant crude distillation unit.

Saudi Arabia’s inventory market edged down 0.1 p.c with Al Rajhi Financial institution declining 0.four p.c and Saudi British Financial institution shedding 0.four p.c.

In first week of February, foreigners purchased 920.7 million riyals ($245.51 million) of Saudi shares on a web foundation, in keeping with inventory alternate knowledge.

Al Yamamah Metal Industries Firm misplaced 3.5 p.c after it posted a first-quarter web lack of 30.2 million riyals in contrast with a revenue of 6.7 million riyals a yr earlier.

Qatar’s index fell 0.eight p.c with the Center East and North Africa’s largest lender Qatar Nationwide financial institution dropping 2.9 p.c. The financial institution mentioned that its shareholders permitted a 10 for one inventory break up.

Industries Qatar and Vodafone Qatar fell 0.6 p.c and 1.1 p.c respectively, forward of their board conferences to debate full-year earnings.

The index slid 0.7 p.c with its top-lender Emirates NBD lowering 1.5 p.c.

Dubai Investments misplaced 3.four p.c. The inventory has been sliding for the final three classes after saying it purchased a further 66 p.c stake in Globalpharma, bringing its stake to 100 p.c. On Monday the agency mentioned the deal worth remained confidential and its disclosure was topic to GlobalPharma’s consent.

The Abu Dhabi index misplaced 0.four p.c with the nation’s largest lender First Abu Dhabi Financial institution shedding 0.7 p.c.

Waha Capital was down 6.2 p.c. It fell 10 p.c on Thursday after its full-year web revenue greater than halved and dividend was minimize by half. ($1 = 3.6729 UAE dirham) ($1 = 3.7502 riyals) ($1 = 3.6400 Qatar riyals) (Reporting by Ateeq Shariff in Bengaluru; Enhancing by Alison Williams)

Author: Maxwell C.

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