Banks push Saudi bourse down; most Gulf markets fall[/rtl]
[rtl]Date: 2019/10/21 17:44 • 70 times read[/rtl]
Saudi Arabia's stock market fell on Monday, rebounding from three consecutive sessions of gains and affected by the decline in bank stocks as most other major Gulf stock markets fell.
Saudi Arabia's main index closed 0.3 percent lower, with Al Rajhi Bank down 1 percent and Riyad Bank down 2.5 percent.
Yanbu National Petrochemical Co (Yansab) was the biggest loser with 3.6 percent. The company's profit more than halved in the third quarter from the same period last year.
Government data on Monday showed Saudi consumer prices fell in September from a year earlier for the ninth straight month, but at the slowest pace since the start of the year.
Citing informed sources, Reuters reported on Friday that Saudi Aramco had postponed its planned IPO, hoping its third-quarter results would boost investor confidence in the world's largest oil company.
Aramco was expected to announce plans this week for a one to two percent stake in the Saudi bourse, in what would have been one of the largest public offerings ever, worth more than $ 20 billion.
Egypt's main index fell 0.4 percent, with Commercial International Bank down 0.3 percent and Egypt Kuwait Holding down 1.5 percent.
Dubai's index fell 0.1 percent, extending losses for the third straight session. Emirates NBD fell 0.8 percent and Emaar Properties fell 0.5 percent.
Emirates NBD's board of directors approved the capital increase by issuing rights of up to 6.45 billion dirhams ($ 1.76 billion), less than the 7.35 billion dirhams approved by the general assembly in February this year.
Qatar's index fell 0.2 percent as Masraf Al Rayan fell 1 percent and Qatar Islamic Bank fell 1.3 percent.
But Abu Dhabi's benchmark bucked regional sentiment, rising 0.3 percent as First Abu Dhabi Bank rose 0.3 percent and Etisalat rose 0.4 percent.
The following are the closing levels of stock markets in the Middle East:
- Saudi Arabia .. The index fell 0.3 percent to 7764 points.
* Abu Dhabi: The index rose 0.3 percent to 5,102 points.
* Dubai: The index fell 0.2 percent to 2764 points.
* Qatar: The index fell 0.2 percent to 10,397 points.
* Egypt: The index fell 0.4 percent to 14,179 points.
BAHRAIN: The index settled at 1527 points