MIDEAST STOCKS Saudi Arabia Extends Losses on Weak Oil, Other Major Gulf Stock Exchanges Rise

Aug.22 (Reuters) – Most of the major Gulf stock markets ended higher on Sunday, as lower oil prices continued to put pressure on the Saudi index, extending losses for a second session.

In Abu Dhabi, the index (.ADI) rose 0.8%, with the country’s largest lender, First Abu Dhabi Bank (FAB.AD) up 1.1% and Emirates Telecommunications Group (ETISALAT.AD ) up 1.3%.

Among other winners, Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) finished up 1.8% after its inclusion in the FTSE Emerging Markets Index.

The changes will take effect at the close of business on September 17.

Abu Dhabi, the second most populous in the United Arab Emirates, on Thursday ended a partial lockdown imposed last month as part of efforts to prevent the spread of COVID-19 variants. Read more

The benchmark index (.TASI) in Saudi Arabia, the world’s largest oil exporter, slipped another 1.1%, weighed down by a 1.8% drop from Al Rajhi Bank (1120.SE) and a 3.1% drop by Riyad Bank (1010.SE), as weakening crude prices dampened interest in Saudi stocks.

Elsewhere, Saudi mall operator Arabian Centers (4321.SE) fell 0.7% after posting a decline in quarterly net profit.

Oil prices closed their biggest losing week in more than nine months with another drop on Friday, as investors sold futures in anticipation of weakening global fuel demand due to ‘an increase in COVID-19 cases.

Dubai’s main stock index (.DFMGI) rose 1.1%, supported by a 1.1% gain from leading developer Emaar Properties (EMAR.DU).

The Qatari index (.QSI) rose 0.4%, the Commercial Bank (COMB.QA) rose 2.6% and the Qatar Islamic Bank (QISB.QA) rose 1.1%.

The Gulf State Cabinet approved the increase to 100% of the percentage of non-Qatari stake in the capital of Qatar National Bank (QNBK.QA), Qatar Islamic Bank, Commercial Bank and Al Rayan Bank (MARK.QA ), which could attract more liquidity. stock Exchange.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) lost 1.1%, with most stocks in the index in negative territory, including Fawry for Banking Technology and Electronic (FWRY.CA), which lost 4.8%.

Reporting by Ateeq Shariff in Bangalore; Editing by Jan Harvey

Our standards: Thomson Reuters Trust Principles.

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