Gulf shares trade sideways as investors stay on the sidelines

Gulf stocks moved little in early, thin trade on Monday as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away. Dubai’s index was flat as stocks mainly traded by local investors were the top movers. Insurer Takaful Emarat Insurance gained 3.4 per cent but Ajman Bank fell 1.3 […]

Gulf stocks moved little in early, thin trade on Monday as a fresh slide in oil prices and a retreat in Asian share markets kept buyers away.

Dubai’s index was flat as stocks mainly traded by local investors were the top movers. Insurer Takaful Emarat Insurance gained 3.4 per cent but Ajman Bank fell 1.3 per cent.

In Abu Dhabi, the index edged up 0.3 per cent with gainers outnumbering losers 12 to three. Union National Bank added 1.4 per cent and First Gulf Bank rose 0.4 per cent.

Declines in some large-cap shares weighed on Qatar’s main index, which slipped 0.1 per cent. Islamic bank Masraf Al Rayan lost 0.1 per cent and real estate developer Ezdan Holding dropped 0.4 per cent.

Saudi Arabia’s equities index moved little. Saudi International Petrochemical (Sipchem) dropped 1.8 per cent but some banking shares, which have been under pressure over the last several weeks because of the slump in the construction sector, edged up with Samba Financial adding 0.6 per cent.

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Source: Business

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