November 6, 2019 / 1:20 PM / 14 days ago

MIDEAST STOCKS-Most of Gulf drops, blue-chip sell off hurts Egypt

    * Nine of 11 Saudi banks decline
    * Saudi Arabian Refineries drops on Q3 losses
    * Egypt snaps a nine-day winning streak

    By Shamsuddin Mohd
    Nov 6 (Reuters) - Most major gulf markets ended lower on
Wednesday, amid falling oil prices and lingering concerns over
the outcome of U.S.-China trade talks, while Egypt snapped a
nine-day winning streak.
    Oil prices fell on Wednesday, pulled down by a
larger-than-expected build in U.S. crude stocks and weak euro
zone economic figures, after gaining for three sessions on
expectations of an easing in U.S.-China trade tensions.

    Brent crude was down 43 cents, or 0.7%, at $62.53 a
barrel by 1010 GMT.
    In Saudi Arabia, the benchmark index slipped 0.4%,
with Banque Saudi Fransi declining 3.2% and Saudi
British Bank (SABB) losing 2%.
    On Sunday, the former had posted a nearly 7% fall in
third-quarter net profit, which it blamed on higher operating
expenses and impairment charges.
    Saudi Arabian Refineries lost 1.4% as the firm
turned to losses in the third-quarter.
    Egypt's blue-chip index ended 0.5% lower, ending a
nine-day winning streak, as 21 of 30 stocks on the index
declined. Conglomerate Talaat Moustafa Group slid 3.3%
and El Sewedy Electric was down 2.4%.
    Dubai's main share index traded flat as financial
and real estate stocks moved sideways. Dubai's largest lender
Emirates NBD gained 0.9% while Emaar Properties
 was down 0.5%.
    In Abu Dhabi, the index fell 0.2%, with developer
Aldar Properties sliding 1.7% and Emirates
Telecommunications Group easing 0.2%.
    On Wednesday, the telecoms firm announced its board meeting
to be held on Nov. 11 to approve its third-quarter financials.
    Qatar's index was also down 0.2% led by a 0.8% fall
in market heavyweight Industries Qatar and a 0.6% drop
in Qatar National Bank.
    
 SAUDI ARABIA  The index         lost 0.4% to 7,749 points
 ABU DHABI     The index        was down 0.2% to 5,144 points
 DUBAI         The index          traded flat to 2,688 points
 QATAR         The index        fell 0.2% to 10,285 points
 EGYPT         The index          dropped 0.5% to 14,710 points
 BAHRAIN       The index        was flat at 1,517 points
 OMAN          The index        edged up 0.1% 4,030 points
 KUWAIT        The index        added 0.1% to 6,158 points
 

 (Reporting by Shamsuddin Mohd in Bengaluru
Editing by Chizu Nomiyama)
  
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