Saudi shares slip after news of king's admission to hospital

The Saudi Arabian stock market fell slightly in early trade on Monday after news that King Salman bin Abdulaziz had been admitted to hospital.

Other major Gulf markets were mixed.

The king, who is suffering from inflammation of the gall bladder, is undergoing medical checks, state news agency SPA said on Monday.

Saudi Arabia's benchmark index dropped 0.5pc, with petrochemical firm Saudi Basic Industries shedding 1.1pc and oil giant Saudi Aramco losing 0.3pc.

Amongst others, Yanbu National Petrochemicals slid 2.3pc, a day after it reported a fall in second-quarter-net profit.

Dubai's main share index dropped 0.3pc, driven down by a 0.9pc decline in Emirates NBD Bank.

Dubai's largest lender reported a 58pc slide in second-quarter profit to 2 billion dirhams ($545 million), compared to 4.74 billion dirhams year ago, as the bank made higher provisions in anticipation of further impact from the coronavirus pandemic.

In Abu Dhabi, the index eased 0.2pc, hurt by a 0.6pc fall in the country's largest lender First Abu Dhabi Bank and a 0.1pc drop in telecoms firm Etisalat .

The Qaari index added 0.2pc. Petrochemical maker Industries Qatar rose 0.6pc and Qatar Islamic Bank was up 0.3pc.

However, utility firm Qatar Electricity and Water, which reported an increase in first-half net profit, was flat in early trade.

Back in Dubai, Emirates REIT, a Dubai-based sharia-compliant real estate investment trust, said in a statement that it was considering de-listing from Nasdaq Dubai amid a downturn in the United Arab Emirates' real estate sector and weak equity market conditions.

The company's shares traded flat.