Middle East markets: banks drag Abu Dhabi to seven-week low; others mixed

Banks dragged Abu Dhabi's bourse to a seven-week low on Sunday on muted buying interest, while trading was mixed across the Gulf. The emirate's index shed 0.2 percent to end at its lowest close since June 6.
First Gulf Bank fell 0.9 percent, Abu Dhabi Commercial Bank dropped 2.2 percent and Union National Bank slipped 1.4 percent. "All developed markets appear overvalued, and emerging markets are even more so. That leaves frontier markets where you may get lucky - specifically Dubai, and potentially Kuwait and Qatar. Qatar has potential but not unless oil prices rise and gas prices catch up," said Ibrahim Masood, senior investment officer at Mashreq bank.
Dubai's benchmark slipped 0.2 percent to its lowest close in July.
Emirates NBD , Dubai's largest stock, declined 2.4 percent and logistics firm Aramex fell 2.7 percent. Elsewhere, Qatar's index ended at a week-high, up 0.1 percent. In Oman, the benchmark dropped 0.3 percent to a near four-week low.
Stocks across the board fell but volumes were low.
Lack of local catalysts and uncertainty in developed markets has been weighing on Muscat's shares, taking its year-to-date losses to 12.3 percent. Bank Muscat shed 0.7 percent, Oman Telecommunications Co (Omantel) fell 0.6 percent and Bank Dhofar dropped 1.9 percent.
In Kuwait, the benchmark rose for a fourth-straight sessions, but volumes were focused in small-caps, signalling risk-aversion trade.
Aviation Lease and Finance Company jumped 7.6 percent, after the company said it made a profit of 17 million dinars ($62.1 million) by waiving the purchase of six Airbus aircraft for an unnamed third party.
Abyaar Real Estate Development Co climbed 2 percent. The index edged higher 0.04 percent to end at its highest close since July 14. Kuwaiti stocks tumbled early last week on concerns about the economy and on regulations being enforced by the Capital Market Authority.