Opec and ECB weigh on Arabian Gulf bourses

Shares had a mixed day across the Arabian Gulf, as oil prices and European stocks drifted lower.

Brent crude futures retreated, trading around US$49.47 per barrel yesterday late afternoon, ahead of tomorrow’s much-anticipated Opec meeting in Vienna.

European indexes failed to replicate gains registered by their counterparts in Asia, as investors look ahead to tomorrow’s interest rate announcement by the European Central Bank. The Euro Stoxx 50 was trading around 0.3 per cent lower late in the afternoon.

Shares in Dubai rose 0.2 per cent higher to 3,313.72, thanks to late gains by Damac Properties and Emirates NBD.

Air Arabia and Dubai Parks and Resorts were among the other big gainers, rising by 3 per cent and 2.9 per cent, respectively.

Such gains were partly offset by DIB, the second heaviest weighted stock on Dubai’s headline index, which ended down 1.9 per cent at Dh5.10.

The Abu Dhabi Securities Exchange General Index ended the day 0.2 per cent lower at 4,250.20, dragged down by a 1.2 per cent fall by FGB.

Shares in National Bank of Umm Al Qaiwain, among the least liquid stocks on the ADX fell by 9.8 per cent to Dh3.11, their lowest level since Jan­uary. NBAD and Etisalat were the pick of just seven gainers on the capital’s bourse, rising 2.5 per cent and 0.5 per cent, respectively.

The Bahrain Bourse All Share Index led gains across the Gulf yesterday, thanks to gains by Ahli United Bank and Batelco. The index finished the day 1.5 per cent higher, its best performance of the year so far.

Saudi Arabia’s Tadawul All Share Index ended the day 1.3 per cent higher at 6,448.42.


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