DUBAI: Middle Eastern stock markets ended lower on Sunday in response to Friday's decline on Wall street, with the Saudi index hardest hit in the region. The US main stock indexes fell on Friday after data showing persistent US inflation dampened optimism about an easing in US-China tensions after a call between President Joe Biden and China's Xi Jinping.
US producer prices increased solidly in August, indicating that high inflation is likely to persist for a while, with supply chains remaining tight as the COVID-19 pandemic drags on. Saudi Arabia's benchmark index dropped 0.7%, extending losses from the previous session, with Al Rajhi Bank and petrochemical maker Saudi Basic Industries both losing 1.1% each.
In Abu Dhabi, the index retreated 0.5%, falling from the previous session's record highs, pressured by a 1.4% decline in Emirates Telecommunications Group. Dubai's main share index finished 0.4% lower, with sharia-compliant lender Dubai Islamic Bank slipping 0.8%.
Logistics company Aramex, partly owned by Abu Dhabi state investor ADQ, is in advanced talks to buy Turkish delivery company MNG Kargo, Reuters reported on Saturday, citing three sources. Aramex shares were down 0.8%. Meanwhile, private sector companies in the UAE will have to fill 10% of their positions with Emirati nationals within five years, the UAE said on Sunday, announcing its latest economic reforms.
The changes come amid a growing economic rivalry with Gulf neighbour Saudi Arabia to be the region's top trade and business hub.
The Qatari index was down 0.2%, with Commercial Bank shedding 1.1%. Outside the Gulf, Egypt's blue-chip index fell 0.2, driven down by a 2.5% drop in tobacco monopoly Eastern Company
Egypt's annual urban consumer price inflation accelerated slightly to 5.7% in August from 5.4% in July, reaching its highest rate since November, the official statistics agency CAPMAS said on Thursday.
SAUDI ARABIA fell 0.7% to 11,343
ABU DHABI dropped 0.5% to 7,820
DUBAI down 0.4% to 2,897
QATAR lost 0.2% to 11,079
EGYPT down 0.2% to 11,037
BAHRAIN dropped 0.2% to 1,666
OMAN up 0.1% to 3,964
KUWAIT eased 0.1% to 7,435.
Comments
Comments are closed.