#Saudi bourse extends losses on profit-taking; #Dubai hits 8-year high | Reuters

Saudi bourse extends losses on profit-taking; Dubai hits 8-year high | Reuters

Saudi Arabian stocks extended losses in early trade on Tuesday, as traders booked profits after the benchmark index hit a nine-month high last week, while the Dubai index hit an eight-year high.

Saudi Arabia's benchmark index (.TASI) dropped 0.5%, on course to extend losses for a third session, weighed down by a 2% fall in Al Rajhi Bank (1120.SE) as the lender traded ex-dividend.

However, Bupa Arabia (8210.SE), the kingdom's second largest insurer, jumped more than 4% after reporting a sharp rise in second-quarter earnings.

Iran's foreign ministry spokesperson said on Monday that a normalisation of ties between Saudi Arabia and Israel would harm regional peace and stability.

Dubai's main share index (.DFMGI) gained 0.2%, hitting its highest since 2015, with blue-chip developer Emaar Properties (EMAR.DU) leading gains and rising 3.1%.

In Qatar, the index (.QSI) advanced 0.9%, led by a 2.4% rise in Qatar Islamic Bank (QISB.QA) and a 1.9% increase in petrochemical maker Industries Qatar (IQCD.QA).

The Abu Dhabi index (.FTFADGI) eased 0.1%, weighed down by a 1% slide in the country's biggest lender First Abu Dhabi Bank (FAB.AD).

Prices of oil - a key catalyst for the Gulf's financial markets - slipped, but were still near a three-month high reached in the previous session on signs of tightening global supply, as producers implement output cuts, and strong demand in the United States, the world's biggest fuel consumer.