Abu Dhabi index ends in green

21/09/2015 05:33 AST

Abu Dhabi’s ADX General Index climbed 0.9 per cent, bolstered by First Gulf Bank PJSC’s 1.8 per cent increase, on Sunday.

The Dubai Financial Market (DFM) General Index retreated 0.8 per cent to 3,594.84. Saudi Arabia’s Tadawul All Share Index retreated 1.2 per cent.

Bahrain stocks slipped 0.2 per cent while Qatar’s QE Index gained 0.3 per cent.

Oman’s MSM30 Index and Kuwait’s stock gauge each added 0.1 per cent. “The issue of delaying the interest rate hike increases concerns about sustainable US economic growth,” said Tariq Qaqish, who overseas $150 million as the head of asset management at Dubai-based Al Mal Capital PSC.”It’s a disappointment and there’s worry that policy makers, including the US Fed, have limited power going forward to stabilise the markets.”

Stock markets across the US declined after Fed policy makers sounded caution over slowing growth in China, leaving the possibility open for near-zero interest rates through this year.

The Fed’s warnings also spurred a 3.3 per cent retreat in Brent crude prices on Friday on concern demand for oil could slump amid a supply glut. For economies in the six-nation Gulf Cooperation Council, home to about 30 per cent of the world’s proven crude reserves, lower prices lead to a drop in government revenue.

Trading patterns on Dubai’s stocks gauge on Thursday showed its 50-day moving average fell below that for 200 days, forming a so-called death cross, a bearish signal to some investors.

Saudi Arabia’s Tadawul has declined almost 10 per cent .

The Gulf Today