Large IPOs, geopolitics weigh on Gulf markets

25/09/2014 00:41 AST

Saudi Arabia’s stock market retreated further yesterday as investors cashed out ahead of long holidays and a large initial public offer, while the escalation of conflict in Syria and Iraq dampened the region as a whole.

The main Saudi index slid 1.4%, its biggest daily decline in three months, in a broad-based sell-off.

Dubai’s index fell 1.2% as heavyweight Emaar Properties slid 0.9%. Yesterday was the last day when retail investors, who dominate Dubai’s market, could subscribe for shares in Emaar’s malls unit.

Abu Dhabi’s bourse slipped 0.1%.

Egypt’s main index edged down 0.4%. The Cairo bourse said on Tuesday it would list the 1.0bn Egyptian pound ($140mn) rights issue of major property developer SODIC on October 1, which may have prompted some investors to start accumulating cash. SODIC shares fell 1.7% yesterday.

Elsewhere in the Gulf, Kuwait’s index climbed 0.2% to 7,646 points; Oman’s measure inched up 0.1% to 7,478 points, while Bahrain’s index slipped 0.2% to 1,465 points.


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