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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