Major regional markets decline

Most major Gulf markets slipped yesterday, with Saudi Arabia leading the losses amid falling oil prices. Oil prices fell yesterday as hopes for a trade deal between the United States and China faded, weighing on the outlook for the global economy and energy demand. Brent crude futures  fell 75 cents, or 1.25 per cent, to $61.31 a barrel by 1030 GMT, while US West Texas Intermediate crude was at $56.30, down 50 cents or 0.9pc.

In Saudi Arabia, the benchmark index slipped 0.7pc, snapping a four-day winning streak with Al Rajhi Bank losing 0.8pc and the Gulf ’s biggest petrochemical maker Saudi Basic Industries (SABIC)  dropping 1.8pc. Qatar’s index  rose 0.5pc as market heavyweight Industries Qatar increased 1.8pc and Mesaieed Petrochemical advanced 2.8pc.

Dubai’s main share index dropped 0.5pc with Dubai’s largest listed developer Emaar Properties shedding 0.7pc and courier and logistics services provider Aramex declining 2.8pc. DAMAC Properties declined 1.8pc after it reported a 78pc plunge in third-quarter net profit.

DAMAC shares have fallen by around 45pc this year with profits contracting in the first three quarters, according to Refinitiv data. Among other stocks, Amlak Finance plunged 5.9pc. The Islamic financing firm narrowed its third quarter losses, but accumulated losses were still at 1.35 billion dirhams. Egypt’s blue-chip index  . EGX30 ended 0.4pc down, led by a 1.2pc fall in and a 2.7pc drop in Cairo For Investment And Real Estate Development.

Eastern Co fell a further 0.3pc a day after it traded ex-dividend. In Abu Dhabi, the index edged down 0.1pc, extending the losses for a sixth session consecutively. The United Arab Emirates’ largest listed lender First Abu Dhabi Bank  eased 0.4pc and Abu Dhabi Commercial Bank dropped 2.2pc.

But Abu Dhabi Islamic Bank jumped 4.4pc, its biggest intraday gain since April 9 this year. On Tuesday, the sharia-compliant lender said its board would consider increasing maximum limits of Non-UAE locals’ ownership of its shares. The lender also posted a more than 5pc rise in third-quarter net profit to 620 million dirhams ($168.81 million).