[ad_1]
April 18 (Reuters) – Gulf shares ended lower in thin trade on Tuesday as long-term equity investors stayed on the sidelines ahead of this week’s Eid al-Fitr holiday, even as Kuwait’s index bucked the trend to trade higher. Prices close.
Dubai main stock index (.DFMGI) Down 0.1 percent with blue-chip developer Emaar Properties (EMAR. YOU) A 1 percent drop led losses.
In Abu Dhabi, the index (.FTFADGI) First Abu Dhabi Bank, the largest lender in the United Arab Emirates, fell 0.1%, snapping a six-day winning streak (FAB.AD) down 0.3%.
Daniel Takieddine, chief executive of BDSwiss Middle East and North Africa, said Abu Dhabi markets were under downward pressure after more than a week of upbeat performance as traders tried to lock in gains.
“The failure of oil prices to recover is also weighing on the market.”
Oil – key catalyst for Gulf financial markets – fall For a second day in a row, upbeat Chinese economic data failed to shift focus away from a possible increase in U.S. interest rates and broader concerns about the growth outlook.
Crude prices are also under pressure from the Iraqi federal government and the Kurdistan Regional Government (KRG) take a step Northern oil exports from Turkey’s Ceyhan port resumed after being halted last month.
Qatar Index (.QSI) Qatar Islamic Bank shares down 0.5%, leading losses of 1.3% (QISB.QA) Qatar International Islamic Bank falls 3.5 percent (QIIB.QA).
Beyond the Gulf, Egypt’s blue-chip index (.EGX30)closed down 0.8 percent in two-session after-hours trading, with Merchant International Bank (COMI.CA) fell 6.7 percent, while Telecom Egypt (ETEL.CA) Shares fell 3.8 percent as the company traded ex-dividend.
According to Takieddine, the Egyptian market has seen a strong price correction after failing to surpass this year’s peak.
“Major indices recorded some selling pressure and low volumes from international investors, while volumes from local investors accelerated.”
** Markets in Saudi Arabia were closed for a public holiday.
Reporting by Ateeq Shariff in Bengaluru; Editing by Shirley Jacob-Phillips
Our standards: Thomson Reuters Trust Principles.
[ad_2]
Source link