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23/03/2017 07:15 AST
Shares in the Arabian Gulf retreated in line with a global equities sell-off, on investor doubts over the prospects of president Donald Trump’s pro-business policies.
Stocks across Asia and Europe fell after the S&P fell 1.2 per cent on Tuesday, the index’s sharpest drop since October 11. The Nikkei tumbled 2.1 per cent, while the Euro Stoxx 50 was about 0.5 per cent lower in afternoon trade.
The US sell-off followed concern over mounting obstacles to Mr Trump’s policy agenda, notably the repeal of the Affordable Health Care Act. Futures markets predicted a lower opening for US markets.
Oil prices, meanwhile, fell for a third consecutive day as US inventories continued to climb. Brent crude futures fell as low as US$50.05, their lowest level since late November.
Shares in Saudi Arabia led losses across the Arabian Gulf. The Tadawul closed 1.1 per cent lower, its third consecutive negative close, with Sabic and NCB the main decliner.
Trading in the UAE remained subdued, with investors content to sit on the sidelines in the absence of clear catalysts.
Shares in Dubai closed down 0.6 per cent at 3,474.73, dragged lower by Dubai Islamic Bank and Emaar Malls. Emirates NBD and DXB Entertainments were the pick of just four gainers.
The Abu Dhabi Securities Exchange General Index finished the day 0.7 per cent lower at 4,481.89, with FGB and Etisalat weighing on stocks.
Kuwaiti shares were the clear winners across the region, climbing by 2 per cent thanks to gains by Eyas for Higher & Technical Education and National Petroleum Services.
The National
05/04/2018
Foreign investors bought $1.18 billion in Middle East and North African equities in March, especially Saudi ones amid the kingdom’s upgrade to emerging market status by FTSE Russell, according to a r
The National
05/04/2018
Buying activity in financials lifted the MSM30 Index to 4,794.61 points, up 0.41 per cent. The MSM Sharia Index closed at 676.52 points, down 0.08 per cent. Gulf Investment Services was the most acti
Times of Oman
05/04/2018
Traded value on the Dubai Financial Market tumbled on Wednesday as global stocks declined amid an intensifying US-China trade war. In Abu Dhabi, banking shares surged ahead of first quarter results s
Gulf News
04/04/2018
Driven by financial blue chips, the MSM30 Index continued its recovery to close at 4,775.27 points, a gain of 0.53 per cent. The MSM Sharia Index ended at 677.06 points, down 0.07 per cent. HSBC Bank
Times of Oman
04/04/2018
Emaar Properties shares extended losses for another session on Tuesday, to hit their lowest level in a year, as selling continued on the wider Dubai gauge. Emaar Properties fell to a low of Dh5.58, b
Gulf News