Mideast stocks slip in early trading

Gulf stocks slipped in early trade on Tuesday as concerns about a further escalation in the trade war between the United States and China weighed on investors.

The Saudi index was down a fractional 0.02 per cent in early trade. Shares in Saudi Basic Industries Corp (SABIC) edged up 0.3 per cent.

MedGulf jumped the 10 per cent daily limit in early trade after the company’s extraordinary general meeting approved a doubling of MedGulf’s capital to 800 million riyals via a rights issue for 40 million new shares.

Banks put the brakes on further gains, with Arab National Bank slipping 1.2 per cent, while Samba Financial Group edged down 0.7 per cent and Bank AlBilad fell 0.8 per cent.

In Dubai, market bellwethers Emirates NBD and Emaar Properties edged down 1.1 per cent and 0.8 per cent, respectively. The wider index dropped 0.5 per cent.

In Abu Dhabi, First Abu Dhabi Bank fell 0.5 per cent, while Aldar Properties sank 1.6 per cent.

The main index was down 0.3 per cent.

Qatar’s index rose 0.2 per cent, continuing a rise that has pushed the index up 16.3 per cent in the year to date. Masraf Al Rayan climbed 1.2 per cent, while Industries Qatar was up 0.6 per cent.