Saudi ends winning streak as other Gulf stocks drop

Saudi Arabia’s markets opened lower early on Thursday, snapping a four-day winning streak, while other major Gulf markets were pressured by their banking shares.

In Saudi Arabia, the benchmark index fell 0.2 percent, as Saudi Basic Industries decreased 0.3 percent, while Savola Group was down 1.2 percent.

The index, however, saw some support from banking shares with the kingdom’s largest lender National Commercial Bank and Al Rajhi Bank gaining 0.5 percent and 0.2 percent, respectively.

Dubai’s main index slid 0.8 percent with blue-chip developer Emaar Properties shedding 1.5 percent, while Emirates NBD Bank dropped 1.2 percent.

The lender raised 6.45 billion dirhams ($1.76 billion) by issuing new shares after the capital call was oversubscribed by about 2.8 times, NBD Bank said on Thursday.

Arabtec Holding dived 9.9 percent . On November 15, the Dubai-listed contractor reported a third-quarter loss of 437.4 million dirhams, compared with a profit of 67.5 million dirhams a year earlier.

In Abu Dhabi, the index declined 0.7 percent, hurt by financial stocks with market heavyweight First Abu Dhabi Bank easing 0.8 percent.

International Holding retreated 5.7 percent, ending two straight days of gains. The aquaculture firm surged in last two sessions after it called off its acquisition of SHUAA Capital International on Tuesday.

Qatar’s index decreased 0.4 percent led by a 1.7 percent fall in Qatar International Islamic Bank, and a 0.7 percent drop in Industries Qatar.

Source: Reuters