August 2, 2018 / 8:04 AM / 3 months ago

MIDEAST STOCKS-Abu Dhabi leads Gulf tumble in early trade

DUBAI Aug 2 (Reuters) - Abu Dhabi’s stock market opened lower on Thursday, weighed down by blue-chip financial and telecom shares, and leading a tumble of regional Gulf bourses amid the second quarter earnings reporting season.

Oil prices rose, steadying after losses over the past two days, and Asian shares fell as the United States-China trade war escalated.

The Abu Dhabi main index fell by 0.7 percent, with First Abu Dhabi Bank shrinking 0.7 percent and Etisalat , also known as Emirates Telecommunications Group, falling 1.8 percent.

In Saudi Arabia, Samba Financial Group was down 0.9 percent as other financial stocks also fell, including a 1.4 percent decline in Arab Bank.

The main index was down 0.4 percent.

In Dubai, the index was down 0.2 percent as lender Emirates NBD lost 0.5 percent and developer Emaar Properties fell 0.4 percent.

Qatar’s stock market was also trading lower after closing on Wednesday at its highest in 14 months. The index was down 0.3 percent with Commercial Bank down 2.0 percent and Qatar National Bank (QNB) down 0.6 percent.

Kuwait’s was the only Gulf exchange trading higher on Thursday morning with the index up 0.7 percent.

Reporting by Alexander Cornwell, editing by Larry King

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