Saudi dips on financials in quiet trade for major Gulf indexes

The Saudi Arabian stock market slipped in early trade on Tuesday, due to dips in financial shares, while trade on other major bourses in the Gulf was uneventful.

Saudi Arabia's benchmark index eased 0.1pc, hurt by a 0.2pc fall in Al Rajhi Bank and a 0.3pc decrease in the country's biggest lender National Commercial Bank.

Elsewhere, Rabigh Refining and Petrochemical Company dropped 2.6pc, a day after it posted quarterly losses.

In Dubai, the index rose 0.4pc, with blue-chip developer Emaar Properties rising 0.8pc, while Arabtec Holding jumped 6.9pc.

Meanwhile, global port operator DP World recorded a fall of 8.8pc in second-quarter container volumes, warning on Monday the outlook remained uncertain.

The coronavirus pandemic shut cities and factories worldwide for months, disrupting shipments and global supply chains, while some cities are now reintroducing curbs after a recent rise in infections.

The Abu Dhabi index edged up 0.1pc, helped by a 0.2pc rise in the United Arab Emirates' largest lender First Abu Dhabi Bank ahead of its second-quarter earnings announcement.

However, the index's gains were capped by losses at energy firm Dana Gas, which retreated 1pc.

On Sunday, Dana Gas said it had appointed a financial adviser in relation to its dollar-denominated Islamic bonds, which the company has already restructured twice.

Qatar's index edged up 0.1pc, supported by a 3.1pc increase in Barwa Real Estate Company.

Separately, Qatar, the host of the 2022 FIFA World Cup, announced on Monday it would also like to stage the Olympics, possibly in 2032.