Dubai, Saudi shares slip as investors wait out Doha oil meeting

Shares in Dubai and Saudi Arabia drifted lower as investors waited nervously on the outcome of Sunday’s oil producers’ meeting in Doha.

The Dubai Financial Market General Index rose marginally during the first half-hour of trading before declining through the day to end down by 0.7 per cent, at 3,521.54.

The much-anticipated meeting of oil producers faced a series of delays Sunday morning, with Reuters reporting that Saudi Arabia had requested changes to the meeting’s final agreement.

“Everyone’s awaiting developments on the oil front from the meeting in Doha,” said Muhammad Shabbir, the head of equities at Rasmala in Dubai. “People are crossing their fingers as to which way it will go.” Saudi Arabia’s Tadawul All Share Index finished down 1.4 per cent at 6,412.37.

Emaar Properties and DIB weighed on the Dubai index, declining by 1.4 per cent and 1.1 per cent.

Mashreq and Shuaa Capital were the pick of the gainers, each rising about 9.7 per cent.

Shares in Abu Dhabi led gains across the region, ending up 0.4 per cent at 4,555.60. Invest Bank and ADCB were the main gainers, rising 13.16 per cent and 2.71 per cent, respectively. The big-name stocks Etisalat and FGB rose by 0.5 per cent and 0.3 per cent, respectively.

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