April 28, 2019 / 2:37 PM / 5 months ago

MIDEAST STOCKS-Falling oil prices weigh on Gulf stocks

    * SABIC rises despite reporting drop in profits
    * Samba down after profits fall
    * Dubai Investments extends slump ex-dividend

    By Nafisa Eltahir
    DUBAI, April 28 (Reuters) - Stocks closed lower across the
Gulf on Sunday with markets  overshadowed by a fall in oil
prices.
    Saudi stocks eked out some early gains then went
into reverse, closing 0.1 percent lower. Al Rajhi Bank
initially rose after posting an increase in profits last week
but ended up with a 1.32 percent decline on the day.
    Oil prices fell 3 percent on Friday, hitting sentiment
across the region, after U.S. President Donald Trump again
pressured the Organization of the Petroleum Exporting Countries
to raise crude production to ease gasoline prices.
    Saudi Arabia's Samba Financial Group ended 1.6
percent lower, as the market digested its announcement last week
of a 7.4 percent fall in profits, worse than analysts'
estimates. 
    Riyad Bank managed to hold onto gains, adding 2.4
percent on its strong results last week.
    Saudi Basic Industries Corp (SABIC) was up 0.5
percent despite reporting a 38 percent drop in first-quarter net
profits, below analyst expectations.
    Sabic has seen some selling this month after Saudi oil giant
Aramco agreed to buy a 70 percent stake in it from the Public
Investment Fund at a slight discount to the market rate in
March.
    Dubai's stock index was 0.42 percent lower, weighed
down by a 1 percent fall in Emaar Properties. Dubai
Investments fell 5.4 percent, extending a slump after
going ex-dividend last week. 
    Abu Dhabi stocks were 0.21 percent lower as First Abu
Dhabi Bank fell 0.36 percent. 
    Qatar's stock exchange was down 0.42 percent, pulled
down by a 1.1 percent fall in Qatar National Bank.
    Kuwaiti stocks dipped 1.35 percent. Boubyan Bank
 was down 4.8 percent and other banks also traded
lower. 
    Egypt's stock market was closed for a public holiday.
    
 SAUDI ARABIA  The index         were down 0.1 pct to 9,266
               points
 ABU DHABI     The index        was down 0.2 pct to 5,381
               points
 DUBAI         The index          lost 0.4 pct to 2,776 points
 QATAR         The index        fell 0.4 pct to 10,406 points
 BAHRAIN       The index        gained 0.1 pct to 1,441 points
 OMAN          The index        slipped 0.3 pct to 3,930
               points
 KUWAIT        The index        dropped 1.4 pct to 6,055
               points
 
 (Reporting by Nafisa Eltahir
Editing by Andrew Heavens)
  
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