Most of the Gulf stock markets closed lower, on Tuesday, led by Dubai for the second session in a row, tracing the impact of global markets that are in a state of confusion, with the escalation of the crisis of the Chinese real estate giant “Evergrand”.
The decline in the Gulf markets came, despite recording notable gains in crude oil prices, which have a strong impact on the economies of the region.
By 12:33 (GMT), Brent crude contracts, the standard for November delivery, rose 67 cents, or 0.91 percent, to $74.59 a barrel.
And US West Texas Intermediate crude contracts, for delivery in November, also increased by 67 cents, or 0.96 percent, to $ 70.81 a barrel.
The Saudi market index fell 0.11 percent to 11315.8 points, and the losses were led by the shares of the logistics company “Batik”, “Naseej” and “Emaar Economic Zone”, declining by 3.15 percent, 3.09 percent and 1.79 percent, respectively.
In the UAE, the Dubai Stock Exchange index fell by 1.2 percent to 2837.5 points, and the losses were led by “Emirates NBD” and “Emaar” shares, declining by 1.77 percent and 1.2 percent, respectively.
The Abu Dhabi market index recorded an increase of 0.11 percent and closed at 7754.3 points. The most prominent gainers were “Taqqa” and “First Abu Dhabi Bank” shares, up by 2.4 percent and 0.22 percent, respectively.
The Qatar Stock Exchange index fell by 0.31 percent to 11143.4 points, and the shares of the petrochemical producer “Mesaieed” led the losses for the third session, down by 2.32%, and the shares of “Qatar First” and “Qatar National Bank” fell by 2.01 percent and 0.42 percent, respectively.
The first index in the Kuwait market decreased by 0.31 percent to 7485.3 points, and the losses were led by the “Kuwait Hotels” share, down by 8.7 percent, and the National Bank of Kuwait fell by 0.83 percent.
The Muscat Stock Exchange index fell by 0.62 percent to 3920.9 points, and “Aluminum Products” and “International Investments” shares led the losses, declining by 4.76 percent and 3.08 percent, respectively.
The Bahrain index lost 0.21 percent and closed at 1686.6 points. The main losers were the shares of “Al Baraka Banking” and Ahli United Bank, down by 0.34 percent and 0.11 percent, respectively.