Major Gulf exchanges extend losses amid economic slowdown concerns

An investor watches a screen displaying stock information at the Abu Dhabi Stock Exchange on June 25, 2014

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June 20 (Reuters) – Major Gulf stock markets fell in early trading on Monday in line with global equities and oil prices as concerns over slowing economic growth and lower fuel demand weighed on the market. investor sentiment.

MSCI’s broadest index of Asia-Pacific stocks outside Japan (.MIAPJ0000PUS) lost 0.4%, while Tokyo’s Nikkei (.N225) fell 0.7%.

Dubai’s main stock market index (.DFMGI) fell 2%, led by a 3% drop in properties from blue-chip developer Emaar (EMAR.DU) and a 2.1% drop in Shariah lender Dubai Islamic Bank (DISB.DU).

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In Abu Dhabi, shares (.FTFADGI) fell 1.4%, pressured by a 1.3% decline in First Abu Dhabi Bank (FAB.AD), the UAE’s largest lender, and a 5.3% decline in investment company Multiply Group (MULTIPLY .UN D).

The Qatari index (.QSI) fell 0.9%, hit by a 3.6% decline in petrochemical maker Industries Qatar (IQCD.QA).

Saudi Arabia’s benchmark index (.TASI) slipped 0.2%, erasing the year’s gains, with oil giant Saudi Aramco (2222.SE) slipping 0.4%, while Riyadh Bank (1010.SE) fell 0.2%.

However, Alkhorayef Water And Power Technologies (2081.SE) jumped 4.1% after the company was awarded a contract worth 228.2 million riyals ($60.82 million) to operate and maintenance of the water sector of the city of Jeddah.

Separately, Alamar Foods has set the price range for its initial public offering between 103 and 115 riyals per share.

In Oman, the index (.MSX30) edged up 0.1%, supported by a 1.6% jump from HSBC Oman Bank (HBMO.OM).

The bank said it would hold preliminary talks with local competitor Sohar International Bank (BKSB.OM) on the possibility of a cash and stock deal to merge the two lenders. Read more

($1 = 3.7521 riyals)

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Reporting by Mohd Edrees in Bengaluru; Editing by Subhranshu Sahu

Our standards: The Thomson Reuters Trust Principles.

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