MIDEAST STOCKS-Major Gulf markets dip as banks weigh on #Dubai - Reuters

MIDEAST STOCKS-Major Gulf markets dip as banks weigh on Dubai - Reuters:

Major stock markets in the Gulf were subdued on Thursday, with Dubai hurt by losses in its banking shares.

Saudi Arabia’s benchmark index fell 0.2%, with Riyad Bank retreating 2.1% and Al Rajhi Bank losing 0.3%.

National Industrialization Co slid 0.7% after the petrochemical firm posted a loss of 188.8 million riyals in the second quarter, compared with a profit of 212.1 million riyals a year earlier.

Dubai’s main share index declined 0.5%, pressured by a 1% fall in sharia-compliant lender Dubai Islamic Bank and a 0.9% drop in Emirates NBD Bank.

On Wednesday, the United Arab Emirates recorded its highest daily number of COVID-19 infections in more than a month, a day after the health minister warned cases may rise.