Markets mixed, Saudi stocks slip on banks

Dubai : Gulf stock markets were mixed at Sunday’s close, with Abu Dhabi and Dubai ending the day in a narrow range, while the Saudi stock market, the biggest in the region, dropped 0.57 per cent, amid weakness in energy and financial stocks.

The Gulf market took little respite from a rise in oil prices and a rebound for Wall Street stocks on Friday and following U.S. President Donald Trump announced plans to impose tariffs on steel and aluminium imports.

The Abu Dhabi index was up 0.2pc, with healthcare and utilities sectors providing it underlying support.

Abu Dhabi National Energy Co rose 1.27pc and Gulf Pharmaceutical Industries climbed 8.6pc.

The Dubai index was up 0.1pc.

In Dubai, Aramex was down 2.15pc after its board met on Thursday and proposed a full year cash dividend of 156.3pc of paid up capital

Saudi Arabia’s index fell 0.57pc, hurt by a 2.03pc drop in Saudi Arabian Mining Company, the majority owner of the world’s largest fully integrated aluminium facility, after Trump announced plans to impose a 10-percent tariff on aluminium imports.

He will make a final decision by April 11.

Banking stocks were also weak, with Al Rajhi Banking & Investment Corp dropping 0.57pc and Alinma Bank falling 1.8pc. Saudi banks are reeling from news that the government has demanded additional Zakat payments from them going back as far as 2002.

NCB Capital, in a report on technicals, said the index had a bearish undertone based on its daily chart, but could find support at 7,250 and 7,150 points.

Kuwait’s stock index was down 0.59pc, weighed by Gulf Bank , which was down 2.7pc

Qatar’s market was closed for a bank holiday.

Oman’s benchmark was down 0.17pc, while Bahrain’s market index was up 0.49pc.

Egypt’s index recovered from early weakness to close 0.49pc higher, fuelled by energy and financial stocks.