MIDEAST STOCKS Most Gulf stock markets drop at start of trading

Sept. 16 (Reuters) – Most of the Gulf region’s stock markets fell early in Thursday, as Abu Dhabi set to post its first weekly loss in eight, in line with weakness in Asian stocks.

Hong Kong’s Hang Seng Index led the declines in Asia, falling to its lowest level since the start of the year, as Chinese stocks sagged over fears the Chinese group Evergrande’s liquidity squeeze would affect the economy at large. Read more

Saudi Arabia’s benchmark (.TASI) fell 0.2%, with Saudi Telecom Company (7010.SE) losing 0.9% and Saudi National Bank (1180.SE), the largest lender of the country, won 0.7%.

The kingdom’s consumer price index rose 0.3% in August from a year earlier and was 0.1% higher month-on-month, government data showed on Wednesday. Read more

Saudi Telecom’s Arabian Internet and Communications Services Co to raise 3.6 billion riyals ($ 959.90 million) in its initial public offering (IPO) after valuing the deal at the top of an indicative range, the company said. Read more

The IPO is part of a series of deals made on the Saudi Stock Exchange this year, including the more than $ 1 billion deal from Acwa Power and the likely IPO of Saudi Tadawul Group. in the fourth quarter.

In Abu Dhabi, the index (.ADI) fell 0.3% to post its first weekly loss in eight, with telecommunications company Etisalat (ETISALAT.AD) down 1.2%.

The British Investment Board and the Mubadala Investment Company of the United Arab Emirates (UAE) are expected to sign an enlargement of the Sovereign Investment Partnership (SIP) on Thursday, the press office of British Prime Minister Boris Johnson said. Read more

Dubai’s main stock index (.DFMGI) fell 0.2%, hit by a 0.4% drop in Emirates NBD Bank (ENBD.DU) and a 1.1% drop in Dubai Investments (DINV .OF).

Expo 2020 Dubai said on Wednesday that entry to the World’s Fair for visitors over 18 will be limited to those who had been vaccinated against COVID-19 or had tested negative in the previous 72 hours. Read more

The Qatari benchmark (.QSI) traded flat.

($ 1 = 3.7504 riyals)

Reporting by Ateeq Shariff in Bangalore; Editing by Rashmi Aich

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