Gulf stocks decline amid muted trading

Gulf stocks moved lower on Monday, with Abu Dhabi’s main index down 0.7 percent as heavyweight banks edged down.

First Gulf Bank fell 2.4 percent to AED 12.10, while Abu Dhabi Commercial Bank decline 1.3 percent to AED 6. Abu Dhabi National Energy Co. (TAQA) was among the top gainers, climbing 5.7 percent to AED 0.56.

Dubai’s general index fell 0.4 percent to 3,290 points, with the total value of trades coming in at AED 232 million. Real estate stocks dragged on the market, as sector leader Emaar Properties lost 1.1 percent at AED 6.23. Deyaar Development fell almost 2 percent to AED 0.59.

In Saudi Arabia, the Tadawul All Share Index (TASI) was down 0.33 percent to 6,670 points towards closing hours, as most sectors sank. Petrochemical major Saudi Basic Industries Corp. (SABIC) slipped 0.1 percent to SAR 84, while Alinma Bank fell 1.1 percent to SAR 13.80.

Bank Al Bilad, which is said to be planning a sukuk issue, was down 0.3 percent to SAR 19.85.

Qatar’s QE index ended 0.5 percent higher at 9,996 points. Ooredoo helped lift the telecom sector as the stock rose 2.1 percent to QAR 91.90. Qatar National Bank, the largest lender in the region, fell 0.3 percent to QAR 138.20.

Kuwait’s price index lost 27.56 points to close at 5,348 points. Bahrain ended negative, while Oman closed in the green.

Moody’s Investors Service recently cut Saudi Arabia’s rating to A1 from Aa3, while also downgrading Bahrain and Oman. The agency placed a negative outlook on UAE, Qatar, and Kuwait without changing their ratings.

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com