Mideast stocks mostly lower in early trading

Mideast stocks were mostly lower in early trade on Wednesday with Saudi banks dropping for a fourth straight day.

The Saudi index slipped 0.7 per cent in the first hour with all 12 banking stocks declining. Al Rajhi Bank slipped 1.3 per cent, reports Reuters.

National Industrialisation added 4.5 per cent and was the market’s most traded stock, while Insurer Malath surged 6.3 per cent.

However, Dubai’s index fell 0.4 per cent as real estate blue chip Emaar Properties dropped 1.1 per cent.

Qatar’s index fell 1.4 per cent, largely on a 7.2 per cent plunge by Barwa Real Estate and a 5.9 per cent slide by Islamic bank Masraf Al Rayan as both stocks went ex-dividend.

Dlala Brokerage fell 6.9 per cent despite reporting its annual net profit had more than quadrupled after its board recommended not distributing a dividend.

But Vodafone Qatar, which had jumped its 10 per cent daily limit on Tuesday in response to positive earnings and licensing news, surged a further 8.2 per cent and was the most traded stock.