Gulf markets fall by financial services; Dubai rise

Most major Gulf markets fell on Wednesday, driven down by their financial-services shares, while Dubai gained along with its property shares.

In Saudi Arabia, the benchmark index edged down 0.1 percent. Al Rajhi Bank fell 0.5 percent and Banque Saudi Fransi dropped 2 percent after reporting a decline in third-quarter net profit, which it blamed on higher operating expenses and impairment charges.

Alahli Takaful fell 0.7 percent after third-quarter profit declined more than 35 percent as its general and administrative expenses rose.

Jarir Marketing added 0.6 percent after it proposed a third-quarter dividend of 2.5 riyals per share, higher than the Sthird quarter a year earlier.

Dubai’s main share index gained 0.2 percent with its largest listed developer, Emaar Properties, rising 0.7 percent and DAMAC Properties up 2.3 percent.

The Abu Dhabi index fell 0.2 percent. The country’s largest bank First Abu Dhabi Bank, lost 0.4 percent.

Qatar’s index was also down 0.2 percent, led by a 0.7 percent decline in Qatar National Bank and a 0.8 percent drop in Mesaieed Petrochemical.

Source: Reuters

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