MIDEAST STOCKS-Banks weigh on #Saudi as most major Gulf markets ease - Agricultural Commodities - Reuters

MIDEAST STOCKS-Banks weigh on Saudi as most major Gulf markets ease - Agricultural Commodities - Reuters:

Most major Gulf stock markets fell on
Tuesday, with Saudi leading losses on the back of declines in
financial shares.

Saudi Arabia's benchmark index dropped 0.9%, with Al
Rajhi Bank down 1.1% while Samba Financial Group
fell 2.7%, ending three sessions of gains spurred by
an initial merger agreement with National Commercial Bank (NCB)
.

NCB, the kingdom's biggest lender, was down 0.3%.

A senior International Monetary Fund official said on
Tuesday that Gulf Cooperation Council (GCC) countries will see
their economies shrink by 7.6% this year amid low oil prices and
the new coronavirus crisis.

Dubai's main share index fell 0.7%, with most of
its constituents lower. Blue-chip developer Emaar Properties
declined 2.2%, while sharia-compliant lender Dubai
Islamic Bank was down 1%.