Oil near flat; virus impact offsets Libya supply disruptions | Financial Post:
Oil prices were near flat on Tuesday, pressured by concerns over the impact on crude demand from the coronavirus outbreak in China, but prices drew support from a reduction in supply from Libya.
Brent crude rose 8 cents to settle at $57.75 a barrel. U.S. West Texas Intermediate (WTI) crude futures were unchanged from the previous session, settling at $52.05 a barrel.
Though new cases of the coronavirus in mainland China have dipped, global experts said it was too early to judge if the outbreak is being contained. Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus.
The virus is having a wider impact on financial markets. Asian shares fell and Wall Street also retreated after Apple Inc said it would miss quarterly revenue guidance due to slower iPhone production and weakened demand in China.
Tuesday 18 February 2020
Reliance's Mukesh Ambani and #Saudi Aramco Accelerate Stake Talks - Bloomberg
Reliance's Mukesh Ambani and Saudi Aramco Accelerate Stake Talks - Bloomberg:
Reliance Industries Ltd.’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to people familiar with the matter.
Aramco officials and bankers on the deal have been working at Reliance’s offices in Mumbai for due diligence this month, according to the people, who asked not to be identified as the information isn’t public. Both parties are trying to overcome differences over the deal’s structure, which had stalled the process last year, Bloomberg News previously reported.
Indian billionaire Mukesh Ambani’s Reliance is keen to sign a binding agreement before the next annual shareholders meeting, which is due to take place before the end of September, one of the people said.
Reliance in August valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake. If the deal closes at this value, it will be the largest transaction in India since Walmart Inc.’s $16 billion acquisition of a majority stake in Flipkart Online Services Pvt. For Aramco, the deal could be its biggest since agreeing to buy a majority stake in Saudi Basic Chemicals for $69 billion last year.
Reliance Industries Ltd.’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to people familiar with the matter.
Aramco officials and bankers on the deal have been working at Reliance’s offices in Mumbai for due diligence this month, according to the people, who asked not to be identified as the information isn’t public. Both parties are trying to overcome differences over the deal’s structure, which had stalled the process last year, Bloomberg News previously reported.
Indian billionaire Mukesh Ambani’s Reliance is keen to sign a binding agreement before the next annual shareholders meeting, which is due to take place before the end of September, one of the people said.
Reliance in August valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake. If the deal closes at this value, it will be the largest transaction in India since Walmart Inc.’s $16 billion acquisition of a majority stake in Flipkart Online Services Pvt. For Aramco, the deal could be its biggest since agreeing to buy a majority stake in Saudi Basic Chemicals for $69 billion last year.
NMC Health says 'disappointed' in founder Shetty's ownership disclosures - Reuters
NMC Health says 'disappointed' in founder Shetty's ownership disclosures - Reuters:
NMC Health (NMC.L) said on Tuesday it was ‘disappointed’ with the disclosures made by its founder B.R. Shetty and that it urgently sought clarity on his shareholding arrangements and holdings in the company.
Shetty on Monday resigned as co-chairman, creating further uncertainty for the UAE healthcare company, which has seen its shares collapse in the past few weeks on doubts about the shareholdings of its major investors.
The company said it was not able to independently verify the information received from Shetty or that contained in his Persons Discharging Managerial Responsibilities (PDMR) notification.
Shetty’s resignation came a week after UK regulators said they were looking into NMC following a disclosure that he had misstated the size of his NMC stake.
NMC Health (NMC.L) said on Tuesday it was ‘disappointed’ with the disclosures made by its founder B.R. Shetty and that it urgently sought clarity on his shareholding arrangements and holdings in the company.
Shetty on Monday resigned as co-chairman, creating further uncertainty for the UAE healthcare company, which has seen its shares collapse in the past few weeks on doubts about the shareholdings of its major investors.
The company said it was not able to independently verify the information received from Shetty or that contained in his Persons Discharging Managerial Responsibilities (PDMR) notification.
Shetty’s resignation came a week after UK regulators said they were looking into NMC following a disclosure that he had misstated the size of his NMC stake.
UPDATE 2- #Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters
UPDATE 2-Saudi Arabia's Riyad Bank sells $1.5 billion 10-yr Islamic bonds - Reuters:
Saudi Arabia’s Riyad Bank has sold $1.5 billion in 10-year dollar sukuk, callable after five years, at 180 basis points (bps) over five-year mid-swaps, a document showed on Tuesday.
The bank garnered more than $7.8 billion in orders for the sukuk, or Islamic bonds, the document said. It tightened the spreads after it had initially started marketing the bonds at around 225 bps over mid-swaps earlier on Tuesday.
Riyad Bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the debt sale.
The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme.
Saudi Arabia’s Riyad Bank has sold $1.5 billion in 10-year dollar sukuk, callable after five years, at 180 basis points (bps) over five-year mid-swaps, a document showed on Tuesday.
The bank garnered more than $7.8 billion in orders for the sukuk, or Islamic bonds, the document said. It tightened the spreads after it had initially started marketing the bonds at around 225 bps over mid-swaps earlier on Tuesday.
Riyad Bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the debt sale.
The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme.
#Saudi inflation up in January for second consecutive month - Reuters
Saudi inflation up in January for second consecutive month - Reuters:
Saudi Arabia’s consumer price index rose 0.4% in January from a year earlier, official data showed on Tuesday, the second consecutive month of positive inflation after it was in negative territory for most of last year.
Hikes in prices at restaurants and hotels, education, and healthcare, boosted the index, data from the General Authority for Statistics showed.
Prices for food and beverages, which account for nearly 20% of the index basket, rose 2.2%, while prices for housing and utilities, which account for around 25% of the basket, decreased 3.3% - a lower deflationary pace than in previous months.
“This appears to reflect the recent bottoming out in the property market, which is feeding through into rents declining at a slower pace,” Jason Tuvey, senior emerging markets economist at Capital Economics said in a note.
Saudi Arabia’s consumer price index rose 0.4% in January from a year earlier, official data showed on Tuesday, the second consecutive month of positive inflation after it was in negative territory for most of last year.
Hikes in prices at restaurants and hotels, education, and healthcare, boosted the index, data from the General Authority for Statistics showed.
Prices for food and beverages, which account for nearly 20% of the index basket, rose 2.2%, while prices for housing and utilities, which account for around 25% of the basket, decreased 3.3% - a lower deflationary pace than in previous months.
“This appears to reflect the recent bottoming out in the property market, which is feeding through into rents declining at a slower pace,” Jason Tuvey, senior emerging markets economist at Capital Economics said in a note.
Petrofac secures contracts worth $1.65 billion from state-owned ADNOC - Reuters
Petrofac secures contracts worth $1.65 billion from state-owned ADNOC - Reuters
Oilfield services provider Petrofac said on Tuesday it has secured two contracts worth about $1.65 billion from state-owned Abu Dhabi National Oil Company [ADNOC.UL] for one of the biggest gas projects in the United Arab Emirates (UAE).
The company's Emirati unit, Petrofac Emirates, will provide engineering and construction works for the Dalma gas development project, a part of the Ghasha ultra-sour gas concession, the company said reut.rs/2HEy4Oh, sending its shares 1.5% higher.
The move comes as the UAE, a key member of the Organization of the Petroleum Exporting Countries, looks to achieve gas self-sufficiency and become a net gas exporter.
Oilfield services provider Petrofac said on Tuesday it has secured two contracts worth about $1.65 billion from state-owned Abu Dhabi National Oil Company [ADNOC.UL] for one of the biggest gas projects in the United Arab Emirates (UAE).
The company's Emirati unit, Petrofac Emirates, will provide engineering and construction works for the Dalma gas development project, a part of the Ghasha ultra-sour gas concession, the company said reut.rs/2HEy4Oh, sending its shares 1.5% higher.
The move comes as the UAE, a key member of the Organization of the Petroleum Exporting Countries, looks to achieve gas self-sufficiency and become a net gas exporter.
Oil drops below $57 on coronavirus impact and OPEC+ delay - Reuters
Oil drops below $57 on coronavirus impact and OPEC+ delay - Reuters:
Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market.
Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is being contained.
Brent crude LCOc1 was down $1.02 at $56.65 a barrel by 1100 GMT after rallying in the previous five sessions. U.S. West Texas Intermediate crude CLc1 fell 82 cents to $51.23.
“Risk aversion has returned to the markets,” said Commerzbank analyst Carsten Fritsch.
Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market.
Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is being contained.
Brent crude LCOc1 was down $1.02 at $56.65 a barrel by 1100 GMT after rallying in the previous five sessions. U.S. West Texas Intermediate crude CLc1 fell 82 cents to $51.23.
“Risk aversion has returned to the markets,” said Commerzbank analyst Carsten Fritsch.
MIDEAST STOCKS-Egyptian stocks drop ahead of c.bank meet, Mobily weighs on #Saudi - Reuters
MIDEAST STOCKS-Egyptian stocks drop ahead of c.bank meet, Mobily weighs on Saudi - Reuters:
Saudi Arabia's benchmark index closed 0.2% lower with Mobily
down 3.3%. The telecom operator swung to a profit of 31 million riyals
($8.27 million) in 2019, but missed analysts' estimates of about 194 million
riyals, according to Refinitiv data.
State-owned Saudi Aramco closed up 0.3% at 33.2 riyals ($8.85).
The Abu Dhabi index slipped 0.5% as First Abu Dhabi Bank
shed 1.3% and Abu Dhabi Commercial Bank lost 0.7%.
In Qatar, the index ended up 0.7%. Qatar National Bank rose
1.6%, while Nakilat added 2.3% after the energy shipping and transport
firm reported a 12.4% rise in 2019 profit.
However, Doha Bank plunged 10% to its lowest in over eight months
after the lender posted a 9.2% drop in its annual profit to 754 million riyals
($207.14 million).
Saudi Arabia's benchmark index closed 0.2% lower with Mobily
down 3.3%. The telecom operator swung to a profit of 31 million riyals
($8.27 million) in 2019, but missed analysts' estimates of about 194 million
riyals, according to Refinitiv data.
State-owned Saudi Aramco closed up 0.3% at 33.2 riyals ($8.85).
The Abu Dhabi index slipped 0.5% as First Abu Dhabi Bank
shed 1.3% and Abu Dhabi Commercial Bank lost 0.7%.
In Qatar, the index ended up 0.7%. Qatar National Bank rose
1.6%, while Nakilat added 2.3% after the energy shipping and transport
firm reported a 12.4% rise in 2019 profit.
However, Doha Bank plunged 10% to its lowest in over eight months
after the lender posted a 9.2% drop in its annual profit to 754 million riyals
($207.14 million).
DP World U-turn has strings attached for #Dubai
DP World’s self-help entails self-harm. The Dubai-based ports and logistics operator is buying back a 19.55% stake not already owned by the state in a deal valuing the company at $14 billion. There’s a logic to doing so, but investors who see the emirate as a capital hub will still raise their eyebrows.
On one level, DP World is just the latest company to fall out of love with the public markets, which it entered in 2007 by listing a bit of itself at $26 a share. True, the recent share price of around half that is due to a combination of more Gulf-focused capital flowing to Saudi Arabia and a trade war-linked decline in the global shipping industry, which coronavirus and Middle East tensions could exacerbate. But shareholders focused on short-term dividends have also rubbed against Chief Executive Sultan Ahmed Bin Sulayem’s long-term plan to move more into logistics. And he has tapped debt markets rather than equity markets for growth capital anyway.
Still, freedom comes at a price. As a listed company, DP World has a free strategic hand not enjoyed by state-owned ultimate parent Dubai World, which is beholden to creditors following a financial crisis-era debt crunch. To keep things that way, DP World’s immediate parent Port & Free Zone World is paying a $5.2 billion dividend to Dubai World, which will help reduce the latter’s debt pile. That means PFZW’s consolidate leverage will jump to around 6 times EBITDA and won’t hit the required 4 times level until 2022.
UAE News: Nasdaq #Dubai Dealt Blow as Biggest Firm Opts to Delist - Bloomberg
UAE News: Nasdaq Dubai Dealt Blow as Biggest Firm Opts to Delist - Bloomberg:
Nasdaq Dubai is about to lose its most valuable stock after DP World Ltd. announced plans to go private.
The departure of the ports operator, which has a market capitalization of $11 billion, will increase the gap in trading turnover between Nasdaq Dubai and the two larger United Arab Emirates exchanges. The value of equities changing hands in January on the platform was close to $117 million, compared with about $1.1 billion at the Dubai Financial Market PJSC and $757 million at the Abu Dhabi Securities Exchange.
The delisting of DP World, the U.A.E.’s seventh-largest company by market value, according to data compiled by Bloomberg, means the loss of a stock that international investors “follow very closely,” but which has suffered from a lack of liquidity, according to Ahmed Hazem Maher, an equities analyst at EFG-Hermes in Cairo.
Nasdaq Dubai is about to lose its most valuable stock after DP World Ltd. announced plans to go private.
The departure of the ports operator, which has a market capitalization of $11 billion, will increase the gap in trading turnover between Nasdaq Dubai and the two larger United Arab Emirates exchanges. The value of equities changing hands in January on the platform was close to $117 million, compared with about $1.1 billion at the Dubai Financial Market PJSC and $757 million at the Abu Dhabi Securities Exchange.
The delisting of DP World, the U.A.E.’s seventh-largest company by market value, according to data compiled by Bloomberg, means the loss of a stock that international investors “follow very closely,” but which has suffered from a lack of liquidity, according to Ahmed Hazem Maher, an equities analyst at EFG-Hermes in Cairo.
GCC sovereigns could borrow more if oil prices stay low | ZAWYA MENA Edition
GCC sovereigns could borrow more if oil prices stay low | ZAWYA MENA Edition:
If oil remains in its current price range of $55-$85 per barrel, the Gulf Cooperation Council (GCC) governments will have to spend more to boost their economies, ultimately forcing GCC sovereigns to borrow more, an investment outlook by First Abu Dhabi Bank noted.
Low interest rates in dollars will add to the incentives of corporate and sovereign treasurers to issue bonds, according to Global Investment Outlook 2020.
In 2019, GCC countries issued a record $99.6 billion (until beginning of December) of bonds and sukuk (shariah-compliant bonds), the report said citing Bloomberg.
“Whether or not a similar amount will be printed in 2020 will depend on the price of oil and how much oil OPEC countries agree to pump.”
If oil remains in its current price range of $55-$85 per barrel, the Gulf Cooperation Council (GCC) governments will have to spend more to boost their economies, ultimately forcing GCC sovereigns to borrow more, an investment outlook by First Abu Dhabi Bank noted.
Low interest rates in dollars will add to the incentives of corporate and sovereign treasurers to issue bonds, according to Global Investment Outlook 2020.
In 2019, GCC countries issued a record $99.6 billion (until beginning of December) of bonds and sukuk (shariah-compliant bonds), the report said citing Bloomberg.
“Whether or not a similar amount will be printed in 2020 will depend on the price of oil and how much oil OPEC countries agree to pump.”
Moody's places DP World's Baa1 rating on review for downgrade following delisting deal | ZAWYA MENA Edition
Moody's places DP World's Baa1 rating on review for downgrade following delisting deal | ZAWYA MENA Edition:
Following DP World’s majority owner Port and Free Zone World’s (PFZW) offer to acquire 19.55 percent of the port operator’s shares traded on the bourse, Moody’s has placed the port operator’s Baa1 rating on review for downgrade.
Moody’s Investors Service has placed on review for downgrade the Baa1 long term issuer and senior unsecured ratings of DP World PLC and the (P)Baa1 senior unsecured rating assigned to DP World Crescent Limited MTN program.
PFZW owns 80.45 percent share capital of Dubai’s DP World.
Each DP World share will be acquired at $16.75, representing a 29 percent premium on the market closing price of $13 on Sunday.
Following DP World’s majority owner Port and Free Zone World’s (PFZW) offer to acquire 19.55 percent of the port operator’s shares traded on the bourse, Moody’s has placed the port operator’s Baa1 rating on review for downgrade.
Moody’s Investors Service has placed on review for downgrade the Baa1 long term issuer and senior unsecured ratings of DP World PLC and the (P)Baa1 senior unsecured rating assigned to DP World Crescent Limited MTN program.
PFZW owns 80.45 percent share capital of Dubai’s DP World.
Each DP World share will be acquired at $16.75, representing a 29 percent premium on the market closing price of $13 on Sunday.
SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters
SoftBank spends $2.5 billion to get second Vision Fund off the ground: sources - Reuters:
SoftBank Group Corp (9984.T) has pumped $2.5 billion of its own cash into new investments since October, people familiar with the matter said, hoping to restore its money-making credentials as it courts investors for a successor to its Vision Fund.
The Japanese technology conglomerate is also considering investing another $2.5 billion of its own money, one of the people said.
SoftBank Chief Executive Masayoshi Son said last week the company may spend up to two years investing its own money in a bridge fund, to build a portfolio that will give investors enough confidence to participate in a second Vision Fund. To that end, he said SoftBank has already invested “billions” of U.S. dollars, but he did not provide an exact figure.
SoftBank was targeting a $108 billion fundraise for the second Vision Fund, and had committed $38 billion of its own money toward that goal. However, Son said last week its launch had been delayed due to investor “concerns” about the performance of the first $100 billion Vision Fund.
SoftBank Group Corp (9984.T) has pumped $2.5 billion of its own cash into new investments since October, people familiar with the matter said, hoping to restore its money-making credentials as it courts investors for a successor to its Vision Fund.
The Japanese technology conglomerate is also considering investing another $2.5 billion of its own money, one of the people said.
SoftBank Chief Executive Masayoshi Son said last week the company may spend up to two years investing its own money in a bridge fund, to build a portfolio that will give investors enough confidence to participate in a second Vision Fund. To that end, he said SoftBank has already invested “billions” of U.S. dollars, but he did not provide an exact figure.
SoftBank was targeting a $108 billion fundraise for the second Vision Fund, and had committed $38 billion of its own money toward that goal. However, Son said last week its launch had been delayed due to investor “concerns” about the performance of the first $100 billion Vision Fund.
#Dubai's Emirates NBD markets 10-yr kangaroo bonds - Reuters
Dubai's Emirates NBD markets 10-yr kangaroo bonds - Reuters:
Emirates NBD, Dubai’s largest bank, is selling “kangaroo” bonds with a 10-year maturity, a document showed on Tuesday.
Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars.
The bank has set the indicative yield for the bonds at 3.115% and has received over A$860 million ($574.82 million) in orders for the potential debt sale, which is expected to close on Wednesday, the document said.
The bank hired ANZ, Emirates NBD Capital, Mizuho and Nomura to arrange the deal, which is part of Emirates NBD’s A$4 billion debt issuance programme.
Emirates NBD, Dubai’s largest bank, is selling “kangaroo” bonds with a 10-year maturity, a document showed on Tuesday.
Kangaroo bonds are issued by non-Australian issuers in the Australian market and are denominated in Australian dollars.
The bank has set the indicative yield for the bonds at 3.115% and has received over A$860 million ($574.82 million) in orders for the potential debt sale, which is expected to close on Wednesday, the document said.
The bank hired ANZ, Emirates NBD Capital, Mizuho and Nomura to arrange the deal, which is part of Emirates NBD’s A$4 billion debt issuance programme.
#Saudi Arabia's Riyad Bank starts marketing 10-yr dollar sukuk - Reuters
Saudi Arabia's Riyad Bank starts marketing 10-yr dollar sukuk - Reuters:
Saudi Arabia’s Riyad Bank has started marketing 10-year dollar sukuk, or Islamic bonds, at around 225 basis points (bps) over mid-swaps, a document showed on Tuesday.
The bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the potential debt sale, which is expected to close later on Tuesday.
The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme.
Saudi Arabia’s Riyad Bank has started marketing 10-year dollar sukuk, or Islamic bonds, at around 225 basis points (bps) over mid-swaps, a document showed on Tuesday.
The bank hired JPMorgan, Riyad Capital and Standard Chartered to lead the deal. First Abu Dhabi Bank and HSBC are also involved in arranging the potential debt sale, which is expected to close later on Tuesday.
The Tier 2 subordinated sukuk sale is part of a $3 billion issuance programme.
Oil falls below $57 on coronavirus hit to demand, OPEC+ delay - Reuters
Oil falls below $57 on coronavirus hit to demand, OPEC+ delay - Reuters:
Oil fell to below $57 a barrel on Tuesday, pressured by concerns over the impact of the coronavirus outbreak in China on oil demand and a lack of any further action by OPEC and its allies to support the market.
Forecasters including the International Energy Agency have cut 2020 oil demand estimates because of the virus. Global experts say it is too early to judge if the outbreak is being contained, despite a fall in new cases in mainland China.
Brent crude LCOc1 was down $1.04 at $56.63 a barrel by 0940 GMT. The contract had rallied in the previous five sessions. U.S. West Texas Intermediate crude CLc1 fell 83 cents to $51.22.
“Oil prices remain heavy (under pressure) as energy traders may have been overly optimistic as to the crude demand impact of the coronavirus, and on fading optimism that OPEC+ will come through with deeper production cuts in March,” Edward Moya, senior market analyst at broker OANDA, said.
Oil fell to below $57 a barrel on Tuesday, pressured by concerns over the impact of the coronavirus outbreak in China on oil demand and a lack of any further action by OPEC and its allies to support the market.
Forecasters including the International Energy Agency have cut 2020 oil demand estimates because of the virus. Global experts say it is too early to judge if the outbreak is being contained, despite a fall in new cases in mainland China.
Brent crude LCOc1 was down $1.04 at $56.63 a barrel by 0940 GMT. The contract had rallied in the previous five sessions. U.S. West Texas Intermediate crude CLc1 fell 83 cents to $51.22.
“Oil prices remain heavy (under pressure) as energy traders may have been overly optimistic as to the crude demand impact of the coronavirus, and on fading optimism that OPEC+ will come through with deeper production cuts in March,” Edward Moya, senior market analyst at broker OANDA, said.
MIDEAST STOCKS-Most major Gulf stocks dip; real estate aids #Dubai | Nasdaq
MIDEAST STOCKS-Most major Gulf stocks dip; real estate aids Dubai | Nasdaq:
Most major Gulf shares opened lower early on Tuesday, weighed down by weak corporate earnings announcements, though property shares helped Dubai buck the trend.
Saudi Arabia's benchmark index .TASI edged down 0.1%, hurt by a 6.9% plunge in telecoms firm Etihad Etisalat 7020.SE and a 0.5% decrease in oil giant Saudi Aramco 2222.SE.
The telco posted an annual profit of 31 million riyals ($8.27 million), from a loss of 123 million riyals a year earlier. However, the profit was lower than analysts' average estimate of 194 million riyals, according to Refinitiv data.
Dubai's main share index .DFMGI added 0.4%, extending gains for a fourth day in a row. Emaar Properties EMAR.DU climbed 2.3% and DAMAC Properties DAMAC.DU was up 0.4%
Most major Gulf shares opened lower early on Tuesday, weighed down by weak corporate earnings announcements, though property shares helped Dubai buck the trend.
Saudi Arabia's benchmark index .TASI edged down 0.1%, hurt by a 6.9% plunge in telecoms firm Etihad Etisalat 7020.SE and a 0.5% decrease in oil giant Saudi Aramco 2222.SE.
The telco posted an annual profit of 31 million riyals ($8.27 million), from a loss of 123 million riyals a year earlier. However, the profit was lower than analysts' average estimate of 194 million riyals, according to Refinitiv data.
Dubai's main share index .DFMGI added 0.4%, extending gains for a fourth day in a row. Emaar Properties EMAR.DU climbed 2.3% and DAMAC Properties DAMAC.DU was up 0.4%