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Fall of petrochemical shares hits Saudi market
(MENAFN- Arab News) JEDDAH: Gulf stock markets were mixed on Tuesday with some lifted by bank stocks and others weighed down by stocks losing early gains due to a renewed decline in oil prices dashing hopes of a sustained rally.
Oil fell on Tuesday after China devalued the yuan in an effort to prop up economic growth weighing on the outlook for oil demand in the world's top energy consumer.
Saudi Arabia's Tadawul All-Share Index fell 0.9 percent and the heavyweight petrochemical sector index lost just as much.
Telecommunications operator Mobily weighed on the benchmark tumbling 4.4 percent. The stock surged 5.5 percent in the previous session when bargain hunters sought to make the most of a sharp drop triggered by a revision of earnings.
Al-Tayyar Travel Group fell 1.6 percent after the Capital Market Authority fined the company SR200000 for failing to disclose the extension of a contract with the Ministry of Education.
Dubai's index inched up 0.1 percent to 4073 points but closed well below its intraday high of 4099 points. It was buoyed by a trio of large lenders: Dubai Islamic Bank which rose 1.1 percent Emirates up 1.5 percent and Mashreq which added 1.7 percent.
Healthcare firm Amanat Holding rose 1.5 percent after announcing a purchase of a 35 percent stake in Saudi Arabia's Sukoon International Holding which runs a specialized care facility for SR180 million ($48 million).
Abu Dhabi's bourse egded down 0.2 percent while Qatar outperformed the region and climbed 0.9 percent.
One of the main supports of the Doha index was Islamic lender Masraf Al-Rayan which this week signed a deal with the government to provide 1.8 billion riyals ($494 million) of financing for a large logistics project in the country's south.
Oil fell on Tuesday after China devalued the yuan in an effort to prop up economic growth weighing on the outlook for oil demand in the world's top energy consumer.
Saudi Arabia's Tadawul All-Share Index fell 0.9 percent and the heavyweight petrochemical sector index lost just as much.
Telecommunications operator Mobily weighed on the benchmark tumbling 4.4 percent. The stock surged 5.5 percent in the previous session when bargain hunters sought to make the most of a sharp drop triggered by a revision of earnings.
Al-Tayyar Travel Group fell 1.6 percent after the Capital Market Authority fined the company SR200000 for failing to disclose the extension of a contract with the Ministry of Education.
Dubai's index inched up 0.1 percent to 4073 points but closed well below its intraday high of 4099 points. It was buoyed by a trio of large lenders: Dubai Islamic Bank which rose 1.1 percent Emirates up 1.5 percent and Mashreq which added 1.7 percent.
Healthcare firm Amanat Holding rose 1.5 percent after announcing a purchase of a 35 percent stake in Saudi Arabia's Sukoon International Holding which runs a specialized care facility for SR180 million ($48 million).
Abu Dhabi's bourse egded down 0.2 percent while Qatar outperformed the region and climbed 0.9 percent.
One of the main supports of the Doha index was Islamic lender Masraf Al-Rayan which this week signed a deal with the government to provide 1.8 billion riyals ($494 million) of financing for a large logistics project in the country's south.
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