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The Financial Express

Mideast stocks mostly lower on Saudi probe

Published: November 09, 2017 15:40:53 | Updated: November 10, 2017 15:21:02


File Photo (Reuters) File Photo (Reuters)

Most Gulf stock markets were weak in early trade on Thursday because of concern about the impact of Saudi Arabia’s anti-corruption investigation.

The Saudi stock index fell 0.7 per cent in the first 35 minutes as decliners outnumbered advancers by 104 to 57.

Al Tayyar Travel, whose founder Nasser bin Aqeel al-Tayyar has been arrested, rose 0.4 per cent after plunging 22 per cent in the previous three days.

Red Sea International, whose chairman Amr al-Dabbagh was detained, gained 0.3 per cent. Kingdom Holding , the investment vehicle of Prince Alwaleed bin Talal, fell only 0.4 per cent.

Saudi Ceramic Co plunged 9.0 per cent after reporting a third-quarter net loss of 39.2 million riyals ($10.5 million) versus a loss of 46.9 million riyals a year ago.

Dubai’s index gained 0.4 per cent as real estate developers, which sank earlier this week on fears that the probe would hurt Saudi investment in Dubai property, rose.

Emaar Properties was up 1.0 per cent and DAMAC Properties added 0.9 per cent.

Abu Dhabi’s index edged up 0.1 per cent but Abu Dhabi National Energy Co sank 6.2 per cent in thin trade.

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