AGL 38.15 Increased By ▲ 0.90 (2.42%)
AIRLINK 121.51 Decreased By ▼ -2.51 (-2.02%)
BOP 5.85 Increased By ▲ 0.23 (4.09%)
CNERGY 3.75 Increased By ▲ 0.03 (0.81%)
DCL 8.40 Increased By ▲ 0.15 (1.82%)
DFML 40.89 Increased By ▲ 0.62 (1.54%)
DGKC 84.60 Decreased By ▼ -1.14 (-1.33%)
FCCL 32.70 Increased By ▲ 0.10 (0.31%)
FFBL 65.50 Decreased By ▼ -1.00 (-1.5%)
FFL 10.05 Decreased By ▼ -0.11 (-1.08%)
HUBC 103.80 Increased By ▲ 0.70 (0.68%)
HUMNL 13.25 Decreased By ▼ -0.15 (-1.12%)
KEL 4.43 Increased By ▲ 0.18 (4.24%)
KOSM 7.09 Decreased By ▼ -0.09 (-1.25%)
MLCF 37.50 Decreased By ▼ -0.80 (-2.09%)
NBP 60.25 Decreased By ▼ -4.76 (-7.32%)
OGDC 172.25 Decreased By ▼ -1.55 (-0.89%)
PAEL 24.80 Decreased By ▼ -0.10 (-0.4%)
PIBTL 5.70 Decreased By ▼ -0.10 (-1.72%)
PPL 141.69 Decreased By ▼ -1.01 (-0.71%)
PRL 22.72 Decreased By ▼ -0.26 (-1.13%)
PTC 14.74 Decreased By ▼ -0.37 (-2.45%)
SEARL 64.56 Decreased By ▼ -0.79 (-1.21%)
TELE 7.14 Increased By ▲ 0.14 (2%)
TOMCL 35.50 Decreased By ▼ -1.41 (-3.82%)
TPLP 7.29 Decreased By ▼ -0.05 (-0.68%)
TREET 14.20 Decreased By ▼ -0.08 (-0.56%)
TRG 51.75 Increased By ▲ 2.05 (4.12%)
UNITY 26.60 Increased By ▲ 0.45 (1.72%)
WTL 1.22 Decreased By ▼ -0.02 (-1.61%)
BR100 9,483 Decreased By -118.3 (-1.23%)
BR30 28,371 Decreased By -202.1 (-0.71%)
KSE100 88,967 Decreased By -1319.8 (-1.46%)
KSE30 27,827 Decreased By -515.9 (-1.82%)
Markets

Major Gulf markets fall as financials dip

  • Saudi Arabia's benchmark index dropped 0.3pc, with Al Rajhi Bank losing 0.4pc and petrochemical firm Saudi Basic Industries declining 0.8pc.
Published December 8, 2020

Major stock markets in the Gulf fell in early trade on Tuesday, hurt by losses in banking shares, with Qatari stocks falling the most.

Saudi Arabia's benchmark index dropped 0.3pc, with Al Rajhi Bank losing 0.4pc and petrochemical firm Saudi Basic Industries declining 0.8pc.

Dubai's main share index lost 0.2pc, hurt by a 1.4pc fall in its largest lender Emirates NBD Bank, while blue-chip developer Emaar Properties was down 0.8pc.

Emaar, which counts Dubai's state fund as a major shareholder, has halted new building work after a construction boom in recent years led to oversupply in the Gulf city, its chairman said on Monday.

It was not immediately clear when Emaar had ceased new building work, although Reuters had reported in April citing sources, that Emaar had suspended work on major new projects.

In Abu Dhabi, the index eased 0.1pc, with the country's largest lender First ABu Dhabi Bank falling 0.3pc.

The Qatari index fell 0.6pc, on track to extend losses from the previous session, as most of the stocks were in negative territory including Qatar National Bank, which retreated 1.4pc.

On Sunday, Qatari stocks had closed higher buoyed by hopes of a resolution to a dispute with some of the country's Arab neighbours.

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt have imposed a diplomatic, trade and travel embargo on Qatar since mid-2017, accusing Doha of supporting terrorism. Qatar denies the charges and says the embargo aims to undermine its sovereignty.

The Saudi foreign minister on Friday said that resolution with Qatar seemed "within reach".

Comments

Comments are closed.