Tadawul edges down; Dubai, Qatar stocks fall

20/01/2015 07:24 AST

Most Gulf equity markets pulled back on Monday as oil prices slipped again and negative fourth-quarter earnings weighed on Saudi Arabia's bourse.

Brent crude fell back below $50 a barrel on concern that the global economic outlook was darkening and after Iraq announced record oil production.

Saudi Arabia's main the Tadawul All-Share Index slid 0.6 percent to 8,483 points as petrochemicals giant Saudi Basic Industries fell 1.9 percent and Savola Group, the Kingdom's biggest food maker, dropped 2.3 percent.

Shares in Saudi Industrial Investment Group tumbled 3.6 percent after its fourth-quarter profit plunged 58 percent because of the fall in oil prices.

Dubai's index slipped 0.2 percent to 3,894 points as property and construction stocks fell while banks and other sectors did well.

Qatar's bourse edged down 0.2 percent as shares in Qatar Islamic Bank dropped 2.7 percent despite strong fourth-quarter results.


Reuters

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