MIDEAST STOCKS-Most markets down as oil droop weighs on petrochemicals, financials

MIDEAST STOCKS-Most markets down as oil slump weighs on petrochemicals, financials

DUBAI, Nov 11 (Reuters) – Most Gulf markets have been weak in early commerce on Sunday, damage by a pointy drop in oil costs which additionally rattled world shares final week. The slide was led by losses in petrochemical and monetary shares.

Saudi Arabia’s index shed 0.9 p.c as banks and petrochemical shares weighed in the marketplace. Market heavyweight Saudi Primary Industries was down nearly 1 p.c, Saudi British Financial institution fell 1.2 p.c and Al Rajhi Financial institution was down 1.1 p.c.

Saudi insurance coverage agency Mediterranean and Gulf Cooperative Insurance coverage and Reinsurance (MedGulf) was additionally down 1.7 p.c regardless of reporting a 70 p.c rise in third-quarter internet revenue.

Abu Dhabi shares fell 0.2 p.c, as Abu Dhabi Nationwide Power Co (TAQA) slumped 3.6 p.c as weak oil costs eclipsed robust third-quarter earnings final week.

Oil costs fell almost 1 p.c on Friday as world provide elevated and buyers fearful demand development may gradual, sending U.S. crude to its longest stretch of every day declines since 1984.

The Qatar index, which has been the most effective performing market within the Gulf this yr, was down 0.2 p.c, damage by a 1 p.c drop in Qatar Nationwide Financial institution.

A 3.6 p.c drop in courier service Aramex weighed on the Dubai index, which was down 0.Three p.c in early commerce. (Reporting by Saeed Azhar; enhancing by Jason Neely)

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