October 8, 2019 / 1:13 PM / 6 months ago

MIDEAST STOCKS-Oil price fall weighs on Gulf markets, Saudi leads losses

    * Nine of 11 Saudi banks drop
    * Dubai snaps 3-day winning streak
    * 28 of 30 Egyptian blue chips fall
    * Abu Dhabi's ADNOC slips on ex-dividend

    By Maqsood Alam 
    Oct 8 (Reuters) - All major Gulf stock markets traded lower on Tuesday with
financial shares suffering the biggest losses across the region amid declining
oil prices.
    Saudi Arabia led the declines as most of the kingdom's banks dropped.  
    Oil prices fell as hopes faded for a trade deal between the United States
and China, after Washington blacklisted more Chinese companies.
    The two main benchmarks of crude oil fell 1.3% and 1.5% by
1035 GMT, after having risen almost 1% earlier in the day.
    Saudi Arabia's index closed down 0.6% with Al Rjahi Bank
and Samba Financial Group shedding 1.3% each.
    With Tuesday's decline, the index is now roughly flat for the year to date.
It had gained more than 20% in the first four months of 2019 before joining the
MSCI and FTSE emerging-market indexes, which helped attract billions of dollars
from passive funds.
    However, escalating trade tensions, volatile oil prices and growing
geopolitical risks have weighed on the market since then and kept active
emerging-market funds from investing in the kingdom.
    Active emerging-market funds have kept away because of high valuations and
reputation risks, an analysis by Copley Fund Research showed.
    Qatar's index slipped 0.3% with market heavyweight Qatar Islamic Bank
 dropping 2.1%. 
    In Dubai, the index closed 0.2% lower after three consecutive days
of gains. Dubai Islamic Bank fell 0.8% and Dubai Investments
decreased 1.6%.
    Abu Dhabi index inched down 0.1%. The United Arab Emirates' largest
lender First Abu Dhabi Bank lost 0.4%, and ADNOC Distribution
 shed 2.6% as the fuel retailer traded ex-dividend.
    Outside of the Gulf, Egypt's blue-chip index fell 0.6% with 28 of
its 30 stocks trading in the red and real estate shares acting as the biggest
drag. Real estate investment firm Talat Mostafa slid 2.8%.
    Stock exchange data showed foreigners were net sellers of Egyptian stocks. 
 SAUDI ARABIA  The index         fell 0.6% to 7,833 points
 ABU DHABI     The index        slipped 0.1% to 5,070 points
 DUBAI         The index          was down 0.2% to 2,796 points
 QATAR         The index        was down 0.3% to 10,272 points
 EGYPT         The index          fell 0.6% to 14,349 points
 BAHRAIN       The index        inched down 0.1% to 1,518 points
 OMAN          The index        was up 0.2% at 4,036 points
 KUWAIT        The index        edged up 0.1% to 6,236 points
 (Reporting by Maqsood Alam in Bengaluru)
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