MIDEAST STOCKS-Major Gulf markets ease in early trade as financial shares drag - Reuters

MIDEAST STOCKS-Major Gulf markets ease in early trade as financial shares drag - Reuters:

Major Gulf stock markets were subdued in early trade on Monday, mostly hurt by losses in financial shares, while property shares weighed on Dubai’s index.

Saudi Arabia’s benchmark index slipped 0.1%, with oil giant Saudi Aramco and National Commercial Bank both falling 0.3%.

Amongst others, Saudi Real Estate retreated 0.9% a day after the company signed debt restructuring agreement of 2.07 billion riyals ($551.90 million).

Dubai’s main share index lost 0.4%, with Emaar Properties falling 1.1% and sharia-compliant lender Dubai Islamic Bank was down 0.5%.

On Friday, S&P Global downgraded the blue-chip developer to a BB+ “junk” rating from an investment grade BBB- score.