Banking shares dragged Saudi Arabian stocks lower in early trade on Sunday while markets in the rest of the region moved little as investors readied for third-quarter corporate earnings announcements.
The Saudi stock index fell 0.5 per cent in the first 75 minutes as the banking index dropped 0.9 per cent.
The central bank has told commercial banks to postpone for a month receiving payments on consumer loans to customers whose incomes have been hit by cuts to public sector allowances, the Okaz newspaper reported on Sunday, citing unnamed sources.
Central bank officials were not available to comment.
Telecommunications firm Zain Saudi fell 2.7 per cent, continuing a pull-back after surging early last week on hopes it would benefit from deregulation of the sector.
Retailer Jarir Marketing climbed 3.1 per cent after it reported a net profit of 220 million Saudi riyals for the three months to September 30, up from 218.5m riyals a year earlier. Analysts polled by Reuters had predicted 200.6m riyals.
Dairy company Almarai gained 1.4 per cent after reporting a 10 per cent increase in third-quarter net profit to 654.6m riyals. Analysts had forecast 627.8m.
Dubai’s index was flat. The most heavily traded stock, DXBE Entertainments, climbed 1.3 per cent before it opens theme park facilities at the end of this month.
Abu Dhabi’s index dropped 0.5 per cent as Abu Dhabi Islamic Bank sank 1.4 per cent, while Qatar was flat amid a 3.1 per cent slide in Qatar Islamic Insurance.
In Egypt, the index rose 0.5 per cent after a senior International Monetary Fund official said the IMF’s initial loan payment to Egypt would be about US$2.5 billion and that he hoped to secure board approval for a $12bn loan programme within the next month.
El Saeed Contracting and Real Estate jumped 4.7 per cent to 0.90 Egyptian pounds after it said it was buying 17m treasury shares at 0.96 pounds per share.
Investment firm Qalaa Holdings dropped 4.8 per cent after reporting a sharply wider quarterly net loss.
business@thenational.ae
Follow The National's Business section on Twitter
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
THE BIO
Mr Al Qassimi is 37 and lives in Dubai
He is a keen drummer and loves gardening
His favourite way to unwind is spending time with his two children and cooking
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The biog
Name: Marie Byrne
Nationality: Irish
Favourite film: The Shawshank Redemption
Book: Seagull by Jonathan Livingston
Life lesson: A person is not old until regret takes the place of their dreams
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5