October 15, 2019 / 8:04 AM / a month ago

MIDEAST STOCKS-Saudi stocks slide on banks as most Gulf markets lower

Oct 15 (Reuters) - Most Gulf stock markets were lower on Tuesday with banking stocks weighing in Saudi Arabia.

The Saudi Arabian index shed 0.5% in early trading, as Riyad Bank declined 2.1% and National Commercial Bank, the kingdom’s largest lender by assets, decreased 1.2%.

Saudi Arabian Mining Co (Ma’aden) slid 1.2%, having signed a cooperation agreement with Russia’s PhosAgro to support food security.

The Qatar index edged up 0.1%, with lender Masraf Al Rayan gaining 1.6%. Ooredoo Qatar inched up 0.3% after subsidiary Indosat agreed to sell 3,100 towers to two buyers.

Dubai’s index dropped 0.4%, hit by real estate stocks. Emaar Properties lost 1.1%, while its unit Emaar Development was down 2.7%.

But Deyaar Development rose 3%, extending gains. On Sunday the developer said its board will meet on Wednesday to approve third-quarter results.

Abu Dhabi’s index was also down 0.4% as First Abu Dhabi Bank, the country’s largest lender, slipped 0.7% while International Holding plunged 4.8%.

Reporting by Ateeq Shariff in Bengaluru; editing by John Stonestreet

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