Monday , June 14 2021

MIDEAST STOCKS-Gulf falls on oil, a weak global trend; banks hit Abu Dhabi

* Abu Dhabi's index has hit its biggest fall since June

* Saudi Ma's aden reduces the weak blue chip trend

* Nama chemicals to the demand of shareholders, and then retreats

* Qatar National Bank sharply retreats

* Dubai Arabetek receives per unit contract won


By Abinaya Vijayaraghavan and Shakeel ahmad

November 20 (Reuters) – All the major stock exchanges in the Gulf fell on Tuesday, and Abu Dhabi suffered the biggest drop since a day since June, when the bank's shares rose to the index.

Oil prices fell on Tuesday and were set up to avoid the four-day victorious row over concerns over the global reserves increase. Meanwhile, the world stock markets have fallen for technological sales.

"The weak position is clear across the region, accompanied by geopolitical issues, recent events in Saudi Arabia (with the murder of journalist Jamal Hashogi) and the possible outcome of that incident," said Tariq Kakish, executive director for asset management at Menacorp Financial Services in Dubai.

In the United Arab Emirates, corporate revenues in the third quarter were not impressive despite the strong performance of the banking sector. All other sectors are amusing, Kakish added.

The Abu Dhabi index dropped by 1.8 percent, the biggest drop since June, with Abu Dhabi first declining 2.2 percent, and Commercial Bank International fell 8.6 percent in light trade.

Dana Gas fell by 3.6 percent in trade with a two-month low of 1.06 dirhams.

The main index of Saudi Arabia fell by 0.7 percent, mostly with petrochemical reserves. Saudied base industries lost 2.0 percent, while the National Commercial Bank dropped 1.3 percent.

The Saudi Arabian miner (Ma'amen) added 1.3 per cent after Energy Minister Khalid al-Falih said King Salman would open the Vad al-Shamaal project, a 440-square-mile project on Thursday for mining industries in the northern part on the ground.

Our chemicals jumped to 7.2 percent after the shareholders owned more than 5 percent of the companies asked for a meeting to consider the dissolution of the current board and the choice of a new one. But the shares eventually closed down 0.9 percent lower.

Qatar's index was also hurt by the bank's shares, losing 1.3 percent after three consecutive paychecks in its biggest fall since August. The smallest lender in the Middle East, Qatar National Bank. lost 3.4 percent.

In Dubai, the index fell by 1.2 percent with property firms slipping. DAMAC Properties fell 2.8 percent, and Emaar Development fell 2.6 percent. The largest lender to the Emirates, Emirates NDB, lost 2.1 percent.

But Araptek rose 1.4 percent after its unit Target Engineering secured a 521 million dirham contract ($ 142 million) for construction works for a state-owned oil company in Abu Dhabi.

Markets in Egypt, Oman and Bahrain were closed for religious holidays. SAUDI ARABIA * The index fell 0.7 percent to 7.505 points. DUBAI * The index dropped 1.2 percent to 2,750 points QATAR * The index lost 1.3 percent to 10,268 points. ABU DHABI * The index fell by 1.8 percent to 4,991 points KUWAIT * The index lost 0.3 percent to 5.271 points. (Editing by Andrew Torchia / Mark Heinrich)

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