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Dec 26 (Reuters) – Most stock markets in the Gulf region fell in early trade on Monday, with trading volumes thin as many foreign investors were absent during the Christmas holiday.
Saudi Arabia’s Benchmark Index (.one) Down 0.1%, led by a 0.6% drop in Real Urban Development Co (4322.SE) and the country’s largest lender, the National Bank of Saudi Arabia, down 1.1%. (1180.SE).
However, Yanbu National Petrochemical Company (2290.SE) The stock rose 0.8 percent after proposing a semi-annual dividend of 1.25 riyals.
In Abu Dhabi, the index (.FTFADGI) It fell 0.5 percent and was on track for a fourth straight session of losses, hit by a 1.6 percent drop in First Abu Dhabi Bank, the largest lender in the United Arab Emirates. (FAB.AD).
Last week, the MSCI index of emerging market stocks (.MSCIEF) It fell 1 percent, its second straight weekly decline, as global risk appetite weakened after better-than-expected U.S. economic data on Thursday sparked fears of tightening monetary policy in the world’s largest economy.
Most GCC countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the dollar and closely monitor the Fed’s policy moves, putting the region directly at risk of monetary tightening in the world’s largest economy.
benchmark index (.QSI) Qatar – one of the world’s largest LNG exporters – fell 0.9% as most stocks in the index were in negative territory, including Qatar Islamic Bank (QISB.QA)down 1.5%.
Dubai main stock index (.DFMGI)However, it rose 0.5%, helped by Shariah-compliant lender Dubai Islamic Bank, which gained 1.3%. (DISB.DU).
Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra Eluri
Our standards: Thomson Reuters Trust Principles.
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