Major stock markets in the Gulf were mixed in early trade on Monday, tracking Asian shares as soft US data suggested downside risks for this week’s June payrolls report.
MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, after losing 1.8% last week. Japan’s Nikkei added 0.6%, while South Korea fell 0.8%.
Saudi Arabia’s benchmark index dropped 1.1%, on course to extend losses for a second session, hit by a 1.7% fall in Al Rajhi Bank and a 1.8% decrease in oil giant Saudi Aramco.
Dubai’s main share index fell 0.6%, with blue-chip developer Emaar Properties losing 1.4%, while lender Emirates NBD declined 1.2%.
Separately, Emirati supermarket chain Union Coop on Friday announced its intention to list shares on the Dubai stock market on July 18.
The company said in a statement that existing shareholders would be offered ten shares in the listing for each share held, and that trading of shares on its own portal had been suspended.
In Abu Dhabi, equities were flat, as gains in financials were offset by declines in telecoms firm e&.
The Qatari index gained 0.3%, with Qatar Islamic Bank rising 1.5%.
Oil prices, a catalyst for the Gulf’s financial markets, reversed losses and edged up as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.