Saudi Arabian stocks extended their losses under selling pressure from banking blue-chips, while other GCC markets put on a lackluster performance ahead of first quarter earnings in the coming days.
Saudi Arabian benchmark index traded lower by 0.3 per cent at 9,908 points in what was its third straight day of losses. Financial stocks weighed the index more than other sectors with Al Rajhi Bank, Banque Saudi Fransi and Arab Bank heading lower. Chubb Arabia Cooperative Insurance dipped after its board said there would be no dividend handouts for last year.
Down on merger talks
Alahli Takaful sank 3.2 per cent after signing of a memorandum of understanding with Arabian Shield Cooperative Insurance aimed at a potential merger. They did not state the amount Alahli Takaful will be valued at or what the number of shares its shareholders will get in Arabian Shield post-merger.
Oman s share index ends marginally higher
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مجلس الوزراء يوافق على الترخيص لـ بنك مصر بفتح فرع له في السعودية
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