November 12, 2019 / 7:56 AM / a month ago

MIDEAST STOCKS-Gulf mostly little changed; financials drive Saudi up

Nov 12 (Reuters) - Most major Gulf stock markets traded in negative territory early on Tuesday, but Saudi Arabia’s extended gains for a fourth day, led by financial stocks and corporate announcements.

The Saudi benchmark index rose 0.6%, driven by a 1.7% increase in Saudi Telecom Co and a 0.5% rise in Al Rajhi Bank.

Saudi Paper Manufacturing jumped 4% following its announcement that its accumulated losses declined to 7.84% of capital.

Elsewhere, Dallah Healthcare added 1% and Abdullah Al Othaim increased 0.8%. The duo proposed cash dividends for the first half and nine months respectively.

But Fawaz Abdulaziz Alhokair Co slid 3.8% as the apparel retailer posted quarterly losses.

In Dubai, the index retreated 0.4% with Emirates NBD and Amanat Holding falling 1.3% and 4.4% respectively.

Emaar Properties eased 0.7%, while its Emaar Malls unit was down 1%. The former had gained in the previous session following strong third-quarter earnings.

A supply glut has slowed the real estate market for most of the decade, apart from a brief pick up more than five years ago, sending prices down by at least a quarter since 2014.

The Qatari index was also down 0.4% as Qatar Electricity and Water lost 1.7% and Qatar National Bank decreased 0.6%.

In Abu Dhabi, the index slipped 0.2% with telecoms firm Etisalat trading 0.5% down, while Aldar Properties decreased 0.9%.

The property developer posted a decline in third-quarter profit compared to same quarter year ago. (Reporting by Ateeq Shariff in Bengaluru; Editing by Catherine Evans)

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