DUBAI: Gulf markets ended in the red on Wednesday, with the Dubai index losing more than 1.5% - its biggest daily percentage loss since Jan. 31 - although Egypt bucked the trend and rose. In Dubai, Emirates NBD Bank shed 3.5% and blue-chip developer Emaar Properties lost 1.7%, both putting the biggest drag on the market.
The Saudi index swung in and out of positive territory, but ended the session down 0.4%. US President Joe Biden plans to call Saudi Arabia’s King Salman on Wednesday, ahead of the public release of an intelligence report about the murder of journalist Jamal Khashoggi, Axios reported late on Tuesday, citing a source.
Saudi Aramco eased 0.4% after HSBC analysts said the oil giant’s prospects look more positive for 2021, hinting at declining net debt and a possible dividend hike. The Abu Dhabi index snapped four sessions of gains to end the day 0.7% lower. Financials and the real estate sector weighed on sentiment.
The Qatari index dropped 0.7%, its sixth straight session of losses. Industries Qatar fell 2.3%. Outside the Gulf, Egypt’s blue chip index edged marginally higher to close at 0.2%. Financial and consumer stocks gained, while IT stocks fell.
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