DUBAI: Most stock markets in the Gulf ended lower on Monday, with modest trading volumes in the absence of many foreign investors due to the Christmas holidays.
Saudi Arabia’s benchmark index eased 0.1%, hit by 0.6% fall in Retal Urban Development Co. Tech firm Perfect Presentation however jumped 6.2% after it signed a strategic agreement with Huawei.
Last week, the MSCI index for EM equities fell 1% as global risk-taking waned after better-than-expected US economic data on Thursday fanned speculation of more aggressive monetary tightening in the world’s largest economy.
Most Gulf Cooperation Council countries, including Saudi Arabia, the UAE and Qatar, have their currencies pegged to the dollar, directly exposing the region to Federal Reserve policy moves.
Dubai’s main share index added 0.3%, ending three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank.
Among other gainers, Islamic Arab Insurance (SALAMA) advanced 3.9%, after saying it is considering a proposal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance (Aman). Shares of Aman were up 2.3%.
In Abu Dhabi, the index dropped 0.5%, weighed down by a 1.4% slide in the country’s biggest lender First Abu Dhabi Bank.
The benchmark index in Qatar - among the world’s top exporters of liquefied natural gas - retreated 1.2%. Most stocks on the index were in negative territory including Qatar Islamic Bank, which was down 2.4 percent.
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