Saudi Arabia's stock market on Monday halted a four-day winning streak, weighed down by its financial stocks, while Qatari bourse extended gains as a stock split continued to attract investors. Saudi's index was down 0.1 percent with banks leading the retreat. Saudi British Bank fell 1% and the lender Samba Financial Group dropped 0.8 percent. But Tihama Advertising and Public Relations and Marketing Holding jumped 6.1 percent after posting a higher full-year profit. Qatar's index was up 0.2 percent, rising for a third straight session. Qatar Islamic Bank was 1 percent higher and petrochemical maker Industries Qatar was up 0.9 percent. The index has gained in recent sessions as a 10-to-one stock split for companies on the exchange is being phased in from June 9, in a bid to boost liquidity by encouraging smaller investors to buy shares. Dubai's index eased back 0.1 percent after registering a one-month high percentage gain in the last session. Real estate shares were the biggest drag with blue-chip developer Emaar Properties shedding 0.5 percent. Emirates NBD, the largest lender in the emirate, slipped back 0.4 percent from a rise of 4.1 percent on Sunday after the bank received a banking regulatory approval to acquire shares in Turkey's Denizbank from Russia's Sberbank. Nasdaq Dubai-listed DP World traded 0.6 percent higher after saying it had acquired oil services and marine logistics company Topaz Energy and Marine in a deal worth $1.08 billion in enterprise value. The Abu Dhabi index edged up 0.1 percent with First Abu Dhabi Bank adding 0.3 percent and Abu Dhabi Islamic Bank gaining 0.4 percent. The exchange announced on Sunday it was reducing its trading commission fees by between 50 percent and 90 percent as it seeks to reduce investment costs and attract investors into the market. The move takes effect on July 1. Source: Reuters
