Gulf stocks edge down amid low volumes

Stock markets in the Gulf saw lackluster trading on Sunday as volumes plunged in the United Arab Emirates (UAE) and Qatar. Saudi Arabia edged down as most sectors turned red.

Abu Dhabi’s general index fell 0.6 percent to 4,362 points, with total value dropping to AED 32.9 million. Of the 25 companies that traded today, five rose and 16 declined.

Real estate stocks weighed on the index, with Eshraq Properties down 2.5 percent to AED 0.78 and Aldar Properties down 0.8 percent to AED 2.6. Telco Etisalat fell 0.5 percent to AED 19.85.

National Bank of Abu Dhabi (NBAD) climbed 0.6 percent to AED 8.75. The Abu Dhabi-based lender said it has placed a 30-year Formosa bond for $621 million with institutional investors.

Dubai’s main index closed lower by 0.2 percent at 3,348 points. Total trades contracted to AED 233.3 million through 167.2 million transactions.

DXB Entertainments fell 1.3 percent to AED 1.48 amid heavy trading. The operator will be opening some of its theme parks on October 31, while the launch of others has been postponed.

Emaar Properties was down 0.3 percent at AED 6.88, and GFH Financial slipped 1 percent to AED 1.03. Arabtec Holding rose 0.7 percent to AED 1.41.

Saudi Arabia’s Tadawul All Share Index (TASI) last was down 1.5 percent at 5,547 points. Banks and petrochemical sectors weighed on the market.

Al Rajhi Bank was down 2 percent at SAR 50.75, and Alinma Bank lost nearly 1 percent to reach SAR 11.30. Saudi Basic Industries Corp (SABIC) fell 1.1 percent to SAR 83.25.

Qatar’s QE index ended flat at 10,356 points, with volumes dropping to QAR 65.8 million – nearly one-fourth the value of the previous session. 

Write to Nadeshda Zareen at nadeshda.zareen@argaamplus.com