DUBAI: Most markets in the Middle East ended lower on Tuesday, in tandem with global markets, while sentiment in Saudi Arabia and Egypt was boosted amid higher oil prices.
World stocks slipped and the dollar held firm with data expected to show annual US inflation rising at its fastest pace in 40 years.
Oil prices edged higher after concerns over Chinese demand eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days.
Shares of Dubai Electricity and Water Authority (DEWA) closed at 2.87 dirhams, up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region’s biggest since Saudi Aramco.
Investors had been flocking to Dubai since the subscription began last month, but DEWA’s stellar debut was not able to lift sentiment on Tuesday, with Dubai’s main share index down 0.5%.
“Investors are reacting to the falls in international markets on one side and the enthusiasm for DEWA’s trading debut on the other. In this regard, DEWA is recording double-digit growth,” said Farah Mourad, senior market analyst of XTB MENA.
The Qatari index fell 2.6% after rising for the previous six sessions. The index posted its biggest daily percentage fall since Nov. 28.
Saudi Arabia’s benchmark index ended up nearly 1% with state-run Saudi Aramco up 0.6%.
Outside the Gulf, Egypt’s blue-chip index rose 1.6%, breaking its six-day streak of losses.
In Abu Dhabi, the index closed 1.6% lower.
SAUDI ARABIA up 1.2% to 13,646
ABU DHABI fell 0.6% to 10,102
DUBAI lost 0.5% to 3,569
QATAR fell 2.6% to 14,115
EGYPT gained 1.6% to 10,899
BAHRAIN was up 0.2% to 2,104
OMAN rose 0.2% to 4,248
KUWAIT flat at 9,134.