KHALEEJ TIMES, Thursday, Aug 27, 2020 | Muharram 8, 1442
Most Gulf bourses fall as financial shares drag; Saudi up
Emirates:
Most major stock markets in the Gulf ended lower on Wednesday, pressured
by losses in financial shares, although the Saudi index bucked the trend to
close higher.
Saudi Arabia's benchmark index edged up 0.2 per cent, helped by a 2.2 per cent
rise in Banque Saudi Fransi and a 4.1per cent jump in Sahara International
Petrochemical Company.
Elsewhere, Saudi British Bank (SABB) reversed earlier losses to close up 1.6per
cent.
SABB on Tuesday reported a net loss of 6.87 billion riyals ($1.83 billion) in
the quarter ended June 30, compared with a loss of 196 million riyals a year
earlier.
Dubai's main share index fell 0.7 per cent, with sharia-compliant lender Dubai
Islamic Bank losing 1.9 per cent and blue-chip developer Emaar Properties down
1.7 per cent.
In Abu Dhabi, the index dropped 0.6 per cent, dragged down by a 1.2 per cent
fall in the country's largest lender First Abu Dhabi Bank and 3.7 per cent slide
in Aldar Properties.
Abu Dhabi raised $5 billion through a three-tranche bond offering on Tuesday,
the oil-rich Gulf emirate's third foray into the international debt markets this
year to prop up its finances following a fall in crude prices.
In Qatar, the index eased 0.1 per cent, hurt by a 0.9 per cent fall in
petrochemical firm Industries Qatar and a 0.5 per cent drop in Commercial Bank.
Masraf Al Rayan, however, gained 1per cent. The Islamic lender has tightened the
price guidance for its five-year US dollar-denominated sukuk and received more
than $3.1 billion in orders, a document showed on Wednesday.
Outside the Gulf, Egypt's blue-chip index slipped 0.1per cent, with investment
bank EFG Hermes losing 3 per cent and Talaat Mostafa Holding retreated 2.3 per
cent.
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