Russia: Economic and security challenges    The US elections: Domestic concerns first    Egypt's Sisi approves amendments to VAT law; taxes to rise on tobacco products    Syrian troops press ahead with campaign as strikes kill 16    Don't miss Tchaikovsky's Swan Lake ballet concerts at the opera house    Solitude II    Hossam Dirar's "Daydreams" exhibition at Zamalek Art gallery is a must go    Egypt's former longtime president Mubarak dies; three-day mourning announced    Coronavirus heightens Iran's isolation, tests South Korea and Italy    Egypt declares three days of public mourning for former president Mubarak    Egyptian presidency, military mourn Mubarak as 'war hero'    We have to suffer against Bayern Munich, says Chelsea coach Lampard    BREAKING: Egypt's former president Hosni Mubarak dies at 91    Netanyahu says will press ahead with E-1 settlement project in West Bank    Mahathir strengthens power amid Malaysian political turmoil    Pharaonic Petroleum to pump $277 investments in FY20/21    China stocks cap fall on limited domestic impact    Liverpool's record-equalling run 'incredible': Klopp    PSG's Thiago Silva, Ander Herrera out injured for weeks    Egypt's non-petroleum exports increase 4% YoY in January    Kuwait reports three new cases of coronavirus, raising total to eight    China says to strengthen joint coronavirus response with S.Korea, Japan    Al-Sarraj says Libya witnesses a proxy war    No coordination with ministry of information: SCMR head    Ministry of Endowment bans Abdullah Roshdy after controversial statements    Health Ministry launches new family planning campaign for after birth care    Egyptian Space Agency to open first satellite assembly centre March 2021    Parliament amends prison law to offer rehabilitation for convicts    PM, GAFI CEO discuss assisting free zones' financially distressed companies    Suez Canal Bank's profit reach EGP 542.2m by end of 2019    First art exhibition taking place in Saudi Arabia features connection between Fellini and Picasso    Cairo Opera House hosts first hologram concert for legendary Umm Kulthum    Al-Mashat in US to prepare for Egypt's participation in IMF Spring Meetings    Al-Sisi receives high-level African judges    Al-Sisi meets intelligence chiefs participating in Cairo's Arab Intelligence Forum    Cannes to commemorate Wong Kar-wai's In the Mood for Love    Earthquake hits Turkey-Iran border kills nine, injures more than 100    Al Ahly, Zamalek play 2nd Cairo Derby in less than 96 hours    Amr Fahmy former CAF general-secretary, dies battling cancer    Iran raises death toll from coronavirus to 8, infections to 43    Italy coronavirus cases increase to more than 100    Cairo court acquits Mubarak's sons of stock market manipulation    Al Ahly play Zamalek for Egypt Super Cup in Abu Dhabi    Little Women on its way to become a classic    UEFA Champions League: defending champions Liverpool clash with Atletico Madrid    Chinese Grand Prix likely to be called off amid coronavirus concerns    Egypt's Golden Age actress, Nadia Lutfi, dies at 83    Egypt's President Sisi pardons some prisoners on 25 Jan. Revolution anniversary    

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Gulf stocks move sideway early on, Aramco weighs on Saudi
Published in Amwal Al Ghad on 21 - 01 - 2020

Major Gulf stock markets moved sideways early on Tuesday, with financials and energy stocks weighing on Saudi Arabia and real estate shares underpinning Dubai's index.
Saudi's benchmark index .TASI dropped 0.4% with state-owned Saudi Aramco 2222.SE shedding 0.6% and Al Rajhi Bank 1120.SE losing 0.3%.
On Sunday, Al Rajhi Capital Research rated Aramco “neutral”, in line with most other brokerages, and set a target price of 37.5 riyals per share.
The International Monetary Fund trimmed its forecast for Saudi Arabia's economic growth to 1.9% this year due to oil output cuts agreed with oil exporters, having previously forecast the kingdom's gross domestic product would grow 2.2%.
Amongst others, National Shipping Company Of Saudi Arabia 4030.SE fell 0.9%, despite the firm receiving letter from interior ministry on Monday, extending its contract.
In Dubai, the index .DFMGI edged up 0.1% as Emaar Properties EMAR.DU gained 0.5%, while its unit Emaar Malls EMAA.DU added 1.1%.
The Qatari index .QSI was up 0.1% driven by a 2.4% leap in lender Masraf Al Rayan MARK.QA after the bank reported a higher annual profit.
However, the gains were capped by losses elsewhere including Qatar Gas Transport QGTS.QA, which opened 1.2% down.
Abu Dhabi's index .ADI eased 0.1%. Emirates Telecommunications ETISALAT.AD retreated 0.5% and Abu Dhabi Islamic Bank ADIB.AD was down 0.3%.

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