(Reuters) – Most stock markets in the Gulf ended lower on Sunday, hurt by a contraction in the manufacturing sector in China, whose economy showed signs of slowing, weighing on investor sentiment.
Manufacturing activity in China, the world’s second-largest economy, shrank for a fifth straight month in August, while services sector growth slowed slightly.
In Qatar, the main index fell for a third session in a row and ended trading down 0.1 percent, with most sectors falling.
Shares in Qatar National Bank, the region’s biggest bank, fell 0.6 percent and Commercial Bank shed 1 percent.
It fell 0.3 percent, weighed down by a 1.3 percent decline in shares of oil giant Saudi Aramco ( ).
Aramco, the world’s largest oil company, is considering selling up to 50 billion worth of its shares, the Wall Street Journal reported on Friday.
But shares of Basic Industries Corporation (SABIC) rose 1.8 percent on Sunday after it said it had agreed to sell Saudi iron and steel company “Hadeed” to the Saudi Public Investment Fund for 12.5 billion riyals ($3.33 billion).
Outside the Gulf region, the leading stock index fell 0.8 percent, ending a six-session streak of gains, with most sectors falling.
The index was weighed down by shares of Commercial International Bank ( EGX: ) falling 1.3 percent and Elsvedi Electric shares down 3.7 percent.
(Prepared for Arabic Bulletin by Muhammad Atiya – Editing by Ali Khafaji)
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