MIDEAST STOCKS Most Gulf Indices Extend Losses In Line With Asian Stocks

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A trader looks near electronic charts displaying stock market data on the Bahrain Stock Exchange in Manama, Bahrain, November 8, 2020. REUTERS / Hamad I Mohammed

September 21 (Reuters) – Most of the Gulf region’s stock markets fell Tuesday morning, extending losses from the previous session, reflecting weakness in Asian stocks.

Asian stocks struggled to perform well following a selloff that shattered months of precarious calm, as distress contagion fears from indebted developer China Evergrande sparked a global leak. risky assets.

Saudi Arabia’s benchmark index (.TASI) fell 0.1%, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 0.9% and Al Rajhi Bank (1120.SE) retreating 0.2%.

Brent crude rose 95 cents, or 1.3% to $ 74.87 a barrel at 6:45 a.m. GMT, as analysts pointed to signs of tight supply in the United States.

The Abu Dhabi Index (.ADI) lost 0.2%, hit by a 0.3% drop from the country’s largest lender, First Abu Dhabi Bank (FAB.AD) and a drop of 0.3 % of the telecommunications company Etisalat (ETISALAT.AD).

But the conglomerate International Holding Co (IHC.AD) added 0.6%, after its subsidiary invested an additional 55 million dirhams ($ 14.97 million) in Firefly to bring digital advertising services to taxis and passenger cars. carpools in the region.

Dubai’s main stock index (.DFMGI) fell 0.7%, dragged down by a 1.2% drop from blue chip developer Emaar Properties (EMAR.DU) and a 0.7% drop from Emirates NBD Bank (ENBD.DU).

On Monday, the emirate announced that it is establishing a new Integrated Economic Zones Authority that will act as an independent legal entity with financial and administrative autonomy.

More than 5,000 international companies will operate under the authority of the Dubai Integrated Economic Zones Authority.

The Qatari index (.QSI) slipped 0.2%, with Mesaieed Petrochemical (MPHC.QA) down 1.8%.

($ 1 = 3.6728 UAE dirhams)

Reporting by Ateeq Shariff in Bangalore; Editing by Rashmi Aich

Our standards: Thomson Reuters Trust Principles.


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