Gulf stocks mostly little changed; financials drive Saudi up

Most major Gulf stocks traded in negative territory early on Tuesday, but Saudi Arabia’s extended gains for a fourth day, led by financial stocks and corporate announcements.

The Saudi benchmark index rose 0.6 percent, driven by a 1.7 percent increase in Saudi Telecom Co and a 0.5 percent rise in Al Rajhi Bank.

Saudi Paper Manufacturing jumped 4 percent following its announcement that its accumulated losses declined to 7.84 percent of capital.

Elsewhere, Dallah Healthcare added 1 percent and Abdullah Al Othaim increased 0.8 percent. The duo proposed cash dividends for the first half and nine months respectively.

But Fawaz Abdulaziz Alhokair Co slid 3.8 percent as the apparel retailer posted quarterly losses.

In Dubai, the index retreated 0.4 percent with Emirates NBD and Amanat Holding falling 1.3 percent and 4.4 percent respectively.

Emaar Properties eased 0.7 percent, while its Emaar Malls unit was down 1 percent. The former had gained in the previous session following strong third-quarter earnings.

A supply glut has slowed the real estate market for most of the decade, apart from a brief pick up more than five years ago, sending prices down by at least a quarter since 2014.

The Qatari index was also down 0.4 percent as Qatar Electricity and Water lost 1.7 percent and Qatar National Bank decreased 0.6 percent.

In Abu Dhabi, the index slipped 0.2 percent with telecoms firm Etisalat trading 0.5 percent down, while Aldar Properties decreased 0.9 percent.

The property developer posted a decline in third-quarter profit compared to same quarter year ago.

Source: Reuters