Gulf markets lose steam of Eid break; Saudi falls 1%

Gulf markets declined on Wednesday, as activity on bourses slowed down ahead of market closures next week for Eid.

Dubai Financial Market (DFM) index dropped 0.7 percent to 3,518 points, with volumes amounting to AED 321.6 million.

Firms in the real estate and construction sector saw declines, with Emaar Properties falling 1.5 percent to AED 7.11, while Arabtec shed nearly 2 percent to close at AED 1.5. Contractor Drake & Scull International (DSI) slid 1.7 percent to AED 0.526.

Shuaa Capital, on the other hand, rose 2.8 percent to AED 0.776, paring losses from the previous session. Gulf Navigation also gained, adding 1.7 percent to close at AED 1.19. The firm signed a new agreement with Nordic American Tankers (NAT) to settle the long standing debt owed to the latter, it said in a bourse filing on Tuesday.

Abu Dhabi’s index fell 0.2 percent to 4,507 points, with Abu Dhabi National Energy Company (TAQA) dropping1.9 percent to close at AED 0.5, while Dana Gas closed flat at AED 0.58.

Aldar Properties fell 1.1 percent to AED 2.76, and National Bank of Abu Dhabi (NBAD) slipped 0.8 percent to AED 9.23. On the other hand, First Gulf Bank (FGB) added 0.8 percent to close at AED 12.1.

Saudi Arabia’s Tadawul All Share Index (TASI) traded 1 percent lower at 6,127 points towards the closing hour.

Petrochemical shares were weak as sector heavyweight SABIC dropped 1.7 percent to trade at SAR 83.5. Blue chip Al Rajhi Bank was also down 0.3 percent at SAR 57.5.

Elsewhere, Qatar’s index extended declines from the previous session, falling 0.7 percent to 10,635 points. Qatar National Bank, meanwhile, rose 0.8 percent to end the day at QAR 156.9. 

Write to Jerusha Sequeira at jerusha.s@argaamnews.com