Mideast Stocks: Most major Gulf bourses ease on lacklustre results | ZAWYA MENA Edition

Mideast Stocks: Most major Gulf bourses ease on lacklustre results | ZAWYA MENA Edition:

Most major Gulf stock markets retreated on Thursday, as weak corporate earnings continue to weigh on investor sentiment, while Dubai bucked the trend supported by Dubai Islamic Bank.

Saudi Arabia's benchmark index was down 0.5%, led by a 2% fall in Saudi Basic Industries 2010.SE and a 0.5% dip in Al Rajhi Bank 1120.SE .

Rabigh Refining and Petrochemical Company (PetroRabigh) 2380.SE plunged 10%, its biggest intraday fall since May 2017. The firm swung to a net loss of 544 million riyals ($145.04 million) in 2019, from a profit of 669 million riyals in 2018. 


Qatar's index dropped 1.1%, as most of the stocks on the index declined. Qatar Islamic Bank and Industries Qatar both were down 2.1%.