HomeBusinessMost Gulf bourses slip in early trade; Dubai gains

Most Gulf bourses slip in early trade; Dubai gains

Most Gulf bourses (stock markets) fell in early trade on Tuesday, after Wall Street hit a confirmed bear market milestone on fears that aggressive interest rate hikes would take the world’s largest economy down to a recession.

MSCI’s broader index of Asia-Pacific stocks outside of Japan (.MIAPJ0000PUS) extended losses and fell 1.54%.

Saudi Arabia’s benchmark index (.TASI) fell 0.8%, hurt by a 1.4% drop in oil giant Saudi Aramco (2222.SE) and a 0.9% drop in petrochemical maker Saudi Basic Industries (2010.SE).

Meanwhile, the kingdom announced on Monday the lifting of measures that had been taken to prevent the spread of COVID-19, the state news agency reported, citing an official from the Interior Ministry. read more

The Qatar Index (.QSI) declined 0.1%, with Industries Qatar (IQCD.QA) falling 0.9%.

In Abu Dhabi, shares (.FTFADGI) lost 0.1%, extending losses to a tenth session, as the emirate’s largest lender, First Abu Dhabi Bank (FAB.AD), fell 0.6%.

However, Fertiglobe (FERTIGLOBE.AD) rose as much as 2.9% after the company said it expected a cash distribution of at least $700 million by the first half of 2022.

Dubai’s main stock index (.DFMGI) gained 0.6%, driven by a 1.6% rise in Dubai Islamic Bank (DISB.DU) and a 0.9% rise in blue chip developer Emaar Properties (EMAR.DU).

Elsewhere, Shuaa Capital (SHUA.DU) jumped 2.5% after the company announced the completion of a leveraged buyout financing facility for the acquisition of Allianz Marine and Logistics Services.


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