Saudi Stocks Pressured By Banks, Industries Qatar lifts Doha
DUBAI, (Reuters) - Saudi shares ended lower on Sunday, hit by weakness in banking stocks, while the Qatari index snapped a three-day losing streak as Industries Qatar's rebounded after steep declines on its first-half results.
The Saudi index eased by 0.3%, with Saudi British Bank dropping about 1.3% and Samba Financial Group falling 1.3%. The Riyadh market had resumed trade after closing last week for the Eidul Adha religious festival.
Banking stocks have come under pressure in recent weeks from the Saudi central bank's decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect to squeeze lenders' profit margins.
Qatar shares ended their losing run thanks to market heavyweight Industries
Qatar's 4.3% jump after six sessions of declines.
"IQ went down so much last week that it became a compelling valuation despite the poor results," said Talal Samhouri, head of asset management at Amwal, adding that the index was also buoyed by gains on international markets.
The Saudi index eased by 0.3%, with Saudi British Bank dropping about 1.3% and Samba Financial Group falling 1.3%. The Riyadh market had resumed trade after closing last week for the Eidul Adha religious festival.
Banking stocks have come under pressure in recent weeks from the Saudi central bank's decision to follow the U.S. Federal Reserve in cutting interest rates, which analysts expect to squeeze lenders' profit margins.
Qatar shares ended their losing run thanks to market heavyweight Industries
Qatar's 4.3% jump after six sessions of declines.
"IQ went down so much last week that it became a compelling valuation despite the poor results," said Talal Samhouri, head of asset management at Amwal, adding that the index was also buoyed by gains on international markets.