The lender has lost more than $26 billion in market value
since Oct. 27 after committing to invest in the embattled Credit
Suisse.
Egypt's blue-chip index inched 0.1% lower, with
Commercial International Bank losing 1%. The Egyptian
index posted a weekly loss of more than 10%.
In Egypt, the increasingly large initial public offering
(IPO) program could become a growth factor for the stock market
and could help reverse the current downtrend, said Daniel
Takieddine, CEO MENA at BDSwiss.
"While international investors have been on the selling side
lately, IPOs and a subduing banking crisis could help attract
them back."
Dubai's main share index fell 0.1%, hit by a 1.4%
fall in toll operator Salik Co , while Aramex finished 4% lower after the logistics firm slashed its
annual dividend.
In Abu Dhabi, the index retreated 0.9%, hitting
its lowest since late January.
The Qatari index declined 2%, weighed down by a 10%
slide in petrochemical maker Industries Qatar as the
stock went ex-dividend.
Among other losers, sharia-compliant lender Masraf Al Rayan and Commercial Bank tumbled 3.6% and 2.2%
respectively. Both lenders were trading ex-dividend.
SAUDI ARABIA retreated 0.7% to 9,977
ABU DHABI fell 0.9% to 9,442
DUBAI lost 0.1% to 3,307
QATAR dropped 2% to 9,910
EGYPT lost 0.1% to 14,704
BAHRAIN eased 0.1% to 1,897
OMAN down 0.2% to 4,888
KUWAIT declined 0.8% to 7,840
($1 = 3.7559 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Jan
Harvey)
By Ateeq Shariff
March 16 (Reuters) - Most Middle Eastern stocks ended
lower on Thursday with the Egyptian bourse posting its biggest
weekly loss in nearly three years after news that Credit
Suisse's largest investor said it could not provide the lender
with more financial assistance.
A week ago start-up lender Silicon Valley Bank in
California failed, and now a systemic bank in one of Europe's
financial capitals is in enough trouble to seek authorities'
help.
Credit Suisse - which tumbled 24% in the previous
session - on Thursday said it would borrow up to $54 billion
from the Swiss central bank to shore up liquidity and investor
confidence after a slump in its shares intensified fears about a
global banking crisis.
Saudi Arabia's benchmark index retreated 0.7%,
weighed down by a 1.4% fall in Retal Urban Development Co and a 2.9% slide in the country's biggest lender Saudi
National Bank SNB .
The chair of SNB, which last year acquired an almost 10%
stake in Credit Suisse, said on Wednesday the bank was not
considering any specific international opportunities.
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