DUBAI: Major Gulf markets ended lower on Wednesday, mirroring weak oil prices, while Dubai extended gains from the previous session following an upbeat assessment of its property shares by Morgan Stanley.
Brent crude futures fell $1.4, or 2% to $67.31 a barrel at 1215 GMT, on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the US Federal Reserve to raise interest rates, which could limit economic growth.
Saudi Arabia’s benchmark index finished 0.5% lower, hit by 1% fall in Al Rajhi Bank and a 0.6% decrease in Saudi National Bank, the country’s largest lender.
Dubai’s main share index gained 0.2%, with blue-chip developer Emaar Properties rising 1.8%, while its shopping centre unit Emaar Malls closed 3.2% higher.
The emirate’s property prices are rising for the first time in six years, Morgan Stanley said in a research note, amid higher demand and a slowdown of project launches since 2017.
Meanwhile, Dubai expects to attract more than 5.5 million overseas visitors this year, hopeful that new markets can help to make up for the loss of visitors from key places where travel is restricted due to the coronavirus pandemic.
Elsewhere, Damac Properties advanced 1.6%.
In Abu Dhabi, the index fell 0.2%, weighed down by a 1.5% fall in aquaculture company International Holding.
The Qatari benchmark fell 0.7%, as most of the stocks on the index were in negative territory including Industries Qatar, which retreated 2.2%.
Outside the Gulf, Egypt’s blue-chip index added 0.2%, helped by a 2% rise in investment bank EFG Hermes.
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