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Stock markets in the Gulf fell on Monday, tracking global shares and oil prices lower, with the Saudi index extending losses for a third session.

Global shares dropped after Russian missiles pounded cities across Ukraine and as renewed concern about the economic outlook sent investors into safe-haven assets such as the dollar and bonds.

Dubai’s main share index closed 1% lower, hit by a 2.7% fall in blue-chip developer Emaar Properties and a 2.6% decline in diversified investment group Dubai Investments.

The negative performance came after a volatile week during which investors continued to contemplate global economic conditions, said Wael Makarem, senior market strategist at Exness.

“As a result, the market could see additional price corrections for the remainder of the week.”

In Abu Dhabi the index dropped 0.8%, with the country’s biggest lender First Abu Dhabi Bank losing 1.2%.

However, shares of hospital operator Burjeel Holdings rose 15.5% on their market debut to 2.31 dirhams per share, up from an initial public offering price of 2 dirhams.

The listing is the latest in a string of IPOs in the Gulf that have defied wider market trends.

Most Gulf bourses drop on growth worries, gains in oil limit losses

Saudi Arabia’s benchmark index fell 0.3%, with Retal Urban Development Co falling 2.7%.

According to Makarem, price corrections were seen as traders booked gains in recent days, with volatility lingering.

“The market remains exposed to the conditions in oil markets.”

Crude prices, a key factor for the Gulf’s financial markets, ended five gains of gains as slowing economic activity in China, the world’s biggest crude importer, revived concerns about a global recession and falling global fuel demand.

The Qatari index closed 0.5% lower, weighed down by a 2.8% fall in Qatar National Bank (QNB).

After trading hours, QNB, the Gulf’s biggest lender said that third-quarter net profit rose nearly 14% as net interest income jumped nearly a third.

Outside the Gulf, Egypt’s blue-chip index added 0.1%.

=========================================
 SAUDI ARABIA     lost 0.3% to 11,530
 ABU DHABI        fell 0.8% to 9,831
 DUBAI            dropped 1% to 3,339
 QATAR            slipped 0.5% to 12,914
 EGYPT            rose 0.1% to 9,949
 BAHRAIN          eased 0.2% to 1,880
 OMAN             down 0.6% to 4,531
 KUWAIT           declined 2.6% to 7,831
=========================================

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