Most Gulf bourses retreat

Most stock markets in the Gulf were subdued on Sunday, with coronavirus infections across the region rising again after months of low or falling figures.

Saudi Arabia’s benchmark index (.TASI) lost 0.2 per cent, dented by a 0.3 per cent fall for Al Rajhi Bank (1120.SE) and a 0.6 per cent decline for Saudi National Bank (1180.SE).

Health authorities in the kingdom advised citizens and residents last week to avoid all unnecessary foreign travel. Saudi Arabia reported its first case of the Omicron coronavirus variant on Dec. 1.

Among other losers, Jabal Omar Development Co (4250.SE) slid 2.4 per cent, after increasing the volume of shares offered to the fund manager of Alinma Makkah Real Estate Fund to settle payment obligations owed to the fund.

A Saudi citizen and a Yemeni resident were killed after a Houthi projectile hit the southern Saudi city of Jazan on Friday, Saudi state media reported, in continued escalation of conflict between the Saudi-led coalition fighting the Iran-aligned Houthis in Yemen.

The war in Yemen has cost Riyadh billions of dollars as the world’s biggest oil exporter contends with additional pressure on state finances because of weak oil prices.

The Abu Dhabi index (.ADI), meanwhile, dropped 0.3 per cent as Abu Dhabi Islamic Bank (ADIB.AD) retreated by 2 per cent and the country’s largest lender, First Abu Dhabi Bank (FAB.AD), lost 0.7 per cent.

Dubai’s main share index (.DFMGI) was flat in early trade.