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 Most Gulf bourses slip in early trade; Dubai gains

An investor walks through the Dubai Financial Market after Joe Biden won the U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike

Most Gulf bourses slip in early trade; Dubai gains

Most major stock markets in the Gulf fell in early trade on Tuesday, after Wall Street hit a confirmed bear market milestone on fears aggressive interest rate hikes would push the world’s largest economy into a recession.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) extended losses and was down 1.54%.

Saudi Arabia’s benchmark index (.TASI) slipped 0.8%, hit by a 1.4% drop in oil giant Saudi Aramco (2222.SE) and a 0.9% decline in petrochemical maker Saudi Basic Industries (2010.SE).

Meanwhile, the kingdom announced on Monday the lifting of measures that had been taken to prevent the spread of COVID-19, the state news agency reported, citing an official in the interior ministry. read more

The Qatari index (.QSI) eased 0.1%, with Industries Qatar (IQCD.QA) falling 0.9%.

In Abu Dhabi, equities (.FTFADGI) lost 0.1%, extending losses to a 10th session, as the emirate’s largest lender First Abu Dhabi Bank (FAB.AD) dropped 0.6%.

However, Fertiglobe (FERTIGLOBE.AD) rose as much as 2.9% after the company said it was expecting a cash distribution of at least $700 million for the first half of 2022..

Dubai’s main share index (.DFMGI) gained 0.6%, buoyed by a 1.6% jump in Dubai islamic Bank (DISB.DU) and 0.9% increase in blue-chip developer Emaar Properties (EMAR.DU).

Elsewhere, Shuaa Capital (SHUA.DU) jumped 2.5% after the firm announced completion of leveraged buyout financing facility for the acquisition of Allianz Marine and Logistics Services.

Reporting by Mohd Edrees in Bengaluru; Editing by Subhranshu Sahu

This article was originally published by Reuters.

Global Business Magazine

Global Business Magazine

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