November 21, 2019 / 1:15 PM / 22 days ago

MIDEAST STOCKS-Financials hit most of Gulf, Egypt continues to slide

    * Financial shares weak in Abu Dhabi
    * All property stocks but one dip in Dubai
    * Alinma Bank appoints new chairman
    * 22 of 30 stocks decline in Egypt

    By Ateeq Shariff
    Nov 21 (Reuters) - Most Major Gulf stock markets fell on
Thursday, weighed down by financial stocks and falling oil
prices, while Egypt extended a losing streak to a fourth day.
    Oil prices edged lower as fresh tensions between the United
States and China over protests in Hong Kong fuelled concern that
a deal to end a trade war between the world's top two economies
may be further delayed.
    The Abu Dhabi stock index was down 1%, with First Abu
Dhabi Bank, the largest lender in the United Arab
Emirates, dropping 0.8% and Abu Dhabi Commercial Bank
falling 1%. International Holding (IHC) was down 5.7%.
    Egypt's blue-chip index traded 0.9% lower with 22
of its 30 stocks in the red, including Commercial International
bank down 2.4% and Credit Agricole Egypt
down 2.3%.
    Exchange data on Thursday showed foreign investors as net
sellers of Egyptian stocks.
    In Dubai, the index dropped 0.7% with Emaar Properties
 losing 1.2% and lender Emirates NBD down
0.8%.
    In the real estate sector, Arabtec Holding tumbled
9.9%, while DAMAC Properties fell 3.8%.
    Last week, Arabtec said it fell to a third-quarter loss from
a profit a year earlier, while DAMAC reported a steep fall in
profit for the same period.
    Dubai's average property prices are seen declining 10% this
year and another 5% next year, according to a Reuters poll of
property market experts.
    The economy in Dubai is heavily reliant on global trade,
which has been under pressure from the U.S.-China trade war.
    Qatar's index fell 0.7% as Qatar Islamic Bank
 lost 2.2%, the biggest loser on the index, and Qatar
National Bank slipped 0.6%.
    Saudi Arabia's benchmark index edged up 0.1% with Al
Rajhi Bank gaining 1.3% and Alinma Bank
adding 0.4% after appointing Abdulmalik bin Abdullah Alhogail as
chairman.
         
 SAUDI ARABIA  The index         rose 0.1% to 8,063 points
 ABU DHABI     The index        dropped 1% to 5,042 points
 DUBAI         The index          lost 0.7% to 2,684 points
 QATAR         The index        fell 0.7% to 10,267 points
 EGYPT         The index          fell 0.9% to 14,095 points
 BAHRAIN       The index        was down 0.3% to 1,506 points
 OMAN          The index        slipped 0.1% to 4,083 points
 KUWAIT        The index        traded flat at 6,314 points
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
  
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