A trader leaves Bahrain Bourse after Joe Biden wins the US presidency on November 8, 2020 in Manama, Bahrain. REUTERS / Hamad I Mohammed / File Photo
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Nov. 22 (Reuters) – Most of the major Gulf stock markets fell in early trading Monday, with the Saudi index leading losses one day after its largest one-day decline in over a year after drone strikes.
The Houthi movement, allied in Yemen, said Saturday it fired 14 drones at several Saudi Arabian cities, including Saudi Aramco facilities in Jeddah. Continue reading
Saudi Arabia’s benchmark index (.TASI) fell 1.3%, followed by a 1.4% drop in Al Rajhi Bank (1120.SE) and a 1.6% drop in the kingdom’s largest lender, the First Abu Dhabi Bank (FAB.AD), pulled.
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The Saudi Arabia-led coalition fighting the Houthi movement said it had discovered signs of imminent danger to shipping and world trade south of the Red Sea, Saudi state media reported early Monday. Continue reading
Among other losers, Aramco (2222.SE) lost 1%.
The oil giant was also under pressure after India’s Reliance Industries Ltd (RELI.NS) announced on Friday that it had agreed with Aramco to cancel Aramco’s proposed investment of around $ 15 billion in the oil-to-chemical (O2C ) to be re-evaluated by Reliance. Continue reading
However, Nayifat Finance Company (4081.SE), a consumer-focused Islamic finance company, was trading at 36 riyals per share, 5.7% above its stock market price of 34 riyals.
Dubai’s top stock index (.DFMGI) lost 1.2%, hit by a 2.7% decline in blue-chip developer Emaar Properties (EMAR.DU) and a 1.5% decline in Sharia-compliant lender Dubai Islamic Bank ( DISB.DU).
The Qatari Index (.QSI) lost 0.7% as almost all stocks in the index were in negative territory, including petrochemicals Industries Qatar (IQCD.QA).
Oil prices, a catalyst for Gulf financial markets, hit a seven-week low but remained under pressure after J -an said it wanted to weigh the release of oil reserves and as the COVID-19 situation in Europe worsened, raising concerns about oversupply and weak demand.
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Reporting by Ateeq Shariff in Bengaluru; Ad -tation by Kevin Liffey
Our Standards: The Thomson Reuters Trust Principles.
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