DUBAI, Sept 11 (Reuters) - Gulf stocks slipped in early trade on Tuesday as concerns about a further escalation in the trade war between the United States and China weighed on investors.
The Saudi index was down a fractional 0.02 percent in early trade. Shares in Saudi Basic Industries Corp (SABIC) edged up 0.3 percent after it signed a memorandum of understanding (MOU) with China’s Fujian provincial government to build a petrochemical complex.
MedGulf jumped the 10 percent daily limit in early trade after the company’s extraordinary general meeting approved a doubling of MedGulf’s capital to 800 million riyals ($213 million) via a rights issue for 40 million new shares.
Banks put the brakes on further gains, with Arab National Bank slipping 1.2 percent, while Samba Financial Group edged down 0.7 percent and Bank AlBilad fell 0.8 percent.
In Dubai, market bellwethers Emirates NBD and Emaar Properties edged down 1.1 percent and 0.8 percent, respectively. The wider index dropped 0.5 percent.
In Abu Dhabi, First Abu Dhabi Bank fell 0.5 percent, while Aldar Properties sank 1.6 percent.
The main index was down 0.3 percent.
Qatar’s index rose 0.2 percent, continuing a rise that has pushed the index up 16.3 percent in the year to date. Masraf Al Rayan climbed 1.2 percent, while Industries Qatar was up 0.6 percent. ($1 = 3.7506 riyals) (Reporting by Tom Arnold Editing by Keith Weir)