Egypt seeks to spread 100 Million Health campaign to African countries: Sisi at UN meeting    Egypt's Rowad Modern Engineering renovates 40% of Manial Palace    Egypt media regulator says BBC site 'likely blocked' due to 'inaccurate coverage' of limited protests    Thomas Cook operator in Egypt says 25,000 bookings cancelled following bankruptcy    At UN, Trump to face questions about Ukraine, Iran, allies    UK's Johnson believes Iran was behind Saudi oil attacks    Trump Asia expert to become deputy national security adviser    Israel's Arab party support pushes Gantz ahead of Netanyahu    Ethiopia to commission Chinese-built 254 MW hydro dam    European markets slip after world's most well-known tour operators collapse    Volume of trade exchange between Egypt, China hits $7.69 billion in seven months    Egypt's Sisi discusses investments prospects with CEOs of major US companies    The party will decide our Brexit position, says UK Labour's Corbyn    Gold prices steady amid Gulf tension, trade talk uncertainties    Egypt climbs nine spots in Tourism Competitiveness Index rankings    UN agency: Tanzania not sharing details on Ebola-like cases    Valverde worried by Barca's limp away form after Granada defeat    Baby gut study finds bacteria different after C-section births    Live score: Arsenal v Aston Villa (English Premier League)    Zidane unfazed by Mourinho talk as Real prepare for Sevilla test    Zamalek president Mortada Mansour talks Egypt's Super Cup, unveils reasons behind defeat    Grand Egyptian Museum's construction works 93% complete    Egypt's Health Ministry bans all ranitidine medicines    El Gouna Film Festival celebrates 100th birth anniversary of novelist Ihsan Abdel-Quddous    FIPRESCI and Netpack hosted by El Gouna Film festival for the first time    Small protests in Egypt dispersed by police    Ahly wins Egyptian Super Cup after beating Zamalek    Rare protests in Egyptian streets after online call for dissent    Egypt's tuk-tuk start-up Halan to tap Ethiopia before year-end    Cairo Opera hosts closing ceremony of the Cairo International Festival for Contemporary and Experimental Theatre    Allianz Egypt allots $399K to promote UNICEF's vulnerable children initiative    Felix Brych to referee Ahly-Zamalek Super Cup game in Egypt's Alexandria    'Egypt will not allow any country to impose its will on another in Ethiopian dam issue,' FM says    Egypt, Ethiopia at odds as talks over Blue Nile dam resume    Egypt's FM hopes for deal as new round of GERD talks kicks off    Egypt's PM discusses details of Al-Hussein Mosque renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





Weakness in banks push Saudi, Abu Dhabi stocks lower
Published in Amwal Al Ghad on 18 - 08 - 2019

Weakness in banking shares pushed indexes in Saudi Arabia and Abu Dhabi stocks lower in early trade on Sunday, while Qatari stocks rebounded on demand for Industries Qatar, which bounced back after sharp losses this month on weak earnings.
Saudi stocks were down 0.1 percent, with Saudi British Bank down about 1 percent and Samba Financial Group falling 1.2 percent.
Banking stocks have been under pressure in recent weeks from the Saudi central bank's decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect will squeeze profit margins at Saudi lenders.
Current account deposits, which yield little interest for depositors, represent around 60 percent of total deposits at Saudi banks, and had helped boost bank margins over the past few years as loans were priced at a higher rate.
In Abu Dhabi, the index slipped 0.4 percent, with First Abu Dhabi Bank (FAB) sliding 1.3 percent, which had also been a big beneficiary of higher interest rates. FAB is still up 6.4 percent in 2019.
Qatar stocks were up 1 percent in early trade, lifted by market heavy- weight Industries Qatar, which snapped six days of losses. The stock had been pressured by weak first half earnings.
Industries Qatar was up 4.3 percent in early trade, on bargain hunting after recent declines. The stock is still down about 8 percent since early August.
Dubai stocks were up 0.3 percent , helped by a nearly 1 percent gain in Emaar Properties.
Source: Reuters


Clic here to read the story from its source.