Banks weigh on Saudi stocks ; other Gulf mixed

Most Gulf stock markets moved marginally on Monday, with the Saudi index snapping a three-day winning streak dented by losses in financials and petrochemical sectors.

In Saudi Arabia, the benchmark index dropped 0.7 percent with Al Rajhi Bank losing 1 percent and Riyad Bank easing 1.6 percent.

Yanbu National Petrochemicals Co declined 3 percent after the company’s profit more than halved in the third quarter, compared with the same quarter last year.

Separately, Saudi Aramco has put off the planned launch of its initial public offering (IPO) in hopes that pending third-quarter results will bolster investor confidence in the world’s largest oil firm, Reuters reported on Friday citing two sources familiar with the matter.

Aramco was expected to announce plans this week to float a stake of between 1 percent and 2 percent on the kingdom’s Tadawul market, in what would have been one of the world’s largest ever public offerings, worth more than $20 billion

Dubai’s main share index edged up 0.1 percent as its largest listed developer, Emaar Properties, increased 0.7 percent, while Dubai Islamic Bank added 0.6 percent.

In Abu Dhabi, the index was also up 0.1 percent, driven by a 0.2 percent rise in Emirates Telecommunications and a 0.5 percent gain in Aldar Properties.

However, Qatar’s index slipped 0.3 percent as banking stocks dragged the index lower with lender Masraf Al Rayan decreasing 1.3 percent and Qatar National Bank falling 0.6 percent.

Source: Reuters