DUBAI: Most major stock markets in the Gulf ended lower on Wednesday, after weak economic data from Germany, Europe’s biggest economy.
In Abu Dhabi, the index fell 0.2%, weighed down by a 0.5% fall in Emirates Telecommunications Group and a 1% decline in Alpha Dhabi Holdings.
“Investor sentiment remains cautious and exposed to any doubts regarding the (global) economy,” said Wael Makarem senior market strategist at Exness.
“They have reacted to the downtrend in the German stock market and the downward movement of the US S&P futures as American markets are expected to open in the negative territory.”
German business morale fell for the second month running in August as companies took a dimmer view about the coming months in Europe’s largest economy due to rising numbers of COVID-19 cases and supply bottlenecks, a survey showed on Wednesday.
Abu Dhabi’s most valuable listed company, International Holding, is seeking investment opportunities in Turkey in sectors including healthcare, industrial and food processing, its chief executive Syed Basar Shueb said.
Shares of the conglomerate finished flat.
Dubai’s main share index eased 0.1%, hit by a 1% drop in blue-chip developer Emaar Properties.
After the tremendous rally in global equities, investors are trying to anticipate the next move and lowering exposure ahead of the Federal Reserve’s annual economic symposium at Jackson Hole on Friday, Makarem added.
Saudi Arabia’s benchmark index added 0.2%, supported by higher oil prices and improving sanitary conditions.
Riyad Bank gained 2.8% and Banque Saudi Fransi closed up 3.8%.
Brent crude was up 14 cents, or 0.2%, at $71.19 a barrel by 1028 GMT.
In Qatar, the index dropped 0.3%, snapping a 10-day winning streak, with Commercial Bank and Qatar Islamic Bank losing 1.2% and 0.6%, respectively.
Outside the Gulf, Egypt’s blue-chip index gained 1%, as most of the stocks were in positive territory including Commercial International Bank, up 1.1%.
SAUDI ARABIA rose 0.1% to 11,157
ABU DHABI fell 0.2% to 7,665
DUBAI eased 0.1% to 2,903
QATAR down 0.3% to 11,135
EGYPT gained 1% to 11,064
BAHRAIN added 0.8% to 1,662
OMAN rose 0.1% to 3,959
KUWAIT was up 1.2% to 7,418.