Saudi markets flat on banks, petrochemicals; other Gulf up

Most major Gulf stock markets gained on Tuesday, but Saudi Arabia’s traded flat with financials and petrochemicals moving sideways.

Saudi’s benchmark index was flat, with Riyad Bank shedding 3 percent and Al Rajhi Bank losing 0.2 percent.

On Monday, Riyad Bank and National Commercial Bank ( decided to end preliminary merger talks, the two said in separate stock exchange filings. NCB was up 0.3 percent.

Saudi Aramco slipped 0.3 percent in early trade after four straight days of gains. The state-owned company will join MSCI on Tuesday.

Aramco listed 1.5 percent of its shares at 32 riyals ($8.53) on the kingdom’s Tadawul exchange on December 11 in the world’s largest initial public offering (IPO).

Among other stocks, Saudi Bahri advanced 2.8 percent after it signed a contract with a saline water conversion company to supply desalinated water from floating stations.

Saudi Arabia Fertilizers rose a further 1.1 percent a day after its board proposed a dividend of 1.5 riyals per share for the second half of 2019.

In Dubai, the index added 0.7 percent, extending gains for a sixth straight session. Emirates NBD Bank rose1.2 percent and Dubai Islamic bank was up 0.7 percent.

The Qatari index added 0.6 percent, driven by a 1.3 percent gain in Qatar National Bank and a 1.3 percent rise in Industries Qatar.

On Monday, Qatar said it plans to spend 1.9 percent more in 2020 than this year, its biggest budget in five fiscal years. The 210.5 billion Qatari riyal ($57.83 billion) budget will go to complete infrastructure projects, including facilities for soccer’s 2022 World Cup.

The Abu Dhabi index also inched up 0.1 percent. Etisalat gained 0.4 percent and Abu Dhabi National Oil Company for Distribution rose 4.9 percent.

Source: Reuters