Mideast Stocks: Banks, real estate shares weigh on Saudi; insurer lifts Qatar

Mideast Stocks: Banks, real estate shares weigh on Saudi; insurer lifts Qatar

Major stock markets in the Gulf ended mixed on Sunday, with Saudi Arabia's index pressured by real estate and banking shares, but a 10% surge in Qatar Insurance lifted the Qatari index.

Saudi Arabia's benchmark index fell 1%, recording its sixth consecutive decline. The luxury real estate developer Retal Urban Development lost 3% while Al Rajhi Bank was down 1.8%.

Among other stocks, Saudi Tadawul Group fell 4.7% after its annual profit declined more than 27% to 424.6 million riyals ($113.17 million).

The latter also slashed its annual dividend to 2.31 per share from 3 riyals a year ago. Middle East Healthcare jumped 10% after its annual profit soared more than 300% compared to a year earlier.

The Qatari Stock index rose 0.7%, ending three consecutive sessions of losses, buoyed by its financial stocks. Gulf's largest insurer Qatar Insurance jumped nearly 10% for second consecutive session with about 9 million shares trading hands, marking a turnover of over 15 million riyals - its largest since September, after saying its listed unit in Oman, Oman Qatar Insurance acquired another listed rival Vision Insurance.

The insurer on Wednesday hit a more than 13-year low after reporting a consolidated net loss of 637 million riyals ($174.14 million) for