Saudi shares end their winning streak after removal of finance minister

Enormous bond issue by kingdom eases banking liquidity and calms nerves over oil prices which has had positive effect across the GCC.

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Shares in Saudi Arabia fin­ally broke a winning streak that had lasted nine straight trading days, closing lower yesterday following the sudden replacement of the country’s veteran finance minister.

King Salman late on Monday announced the appointment of Mohammed Al Jadaan, formerly head of the country’s Capital Market Authority, as the new finance minister, the latest in a series of high-profile ministerial replacements.

The Tadawul ended yesterday down 0.2 per cent at 5,997.03, dragged lower by Samba and Sabic.

The fall in Saudi stocks came despite a slight recovery in oil prices after sharp falls on Monday. Brent crude futures rose as high as $49.22per barrel yesterday afternoon, slipping to $49.06 per barrel in the late afternoon.

Shares in Dubai fell for the first time in four trading sessions, closing 0.3 per cent lower at 3,322.45.

Emaar Properties led the sell-off among big-name stocks, finishing 1.5 per cent lower at Dh6.86, with DIB and Emirates NBD also ending lower.

Dubai Investments was among the best performers of the day, closing nearly 1.5 per cent higher at Dh2.04, after the investment firm announced a 36 per cent rise in third-quarter profit.

The Abu Dhabi Securities Exchange General Index closed up 0.17 per cent at 4,307.39.

FGB and Aldar Properties were among the main gainers, gaining 0.4 per cent and 1.5 per cent respectively.

Etisalat shares fell for the second day in a row, ending the day down 0.2 per cent at Dh18.80, the stock’s lowest level in more than four months.

In Doha, the Qatar Exchange closed nearly 0.3 per cent higher, thanks to gains by Ezden Holdings and Industries Qatar.

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