Mideast Stocks: Major Gulf indexes slip in early trade | ZAWYA MENA Edition:
Major bourses in the Gulf fell in early trade on Monday, with banking shares weighing on the Saudi index a day after it advanced after two lenders in the sector said they signed an initial merger agreement.
The benchmark index of Saudi Arabia, which has reported the highest number of new coronavirus infections in the six countries of the Gulf Cooperation Council (GCC), slipped 0.3%.
National Commercial Bank (NCB), which closed up 5% in the last session, declined 3.2% and Riyad Bank was down 2.2%.
NCB, the kingdom's biggest lender, said on Thursday it had signed an initial agreement with smaller lender Samba Financial Group to create a combined entity with almost $214 billion in assets.
But Samba jumped 6.1% to 27.9 riyals in early trade following a nearly 10% surge in the previous session.
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