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Blue chips weigh on UAE, Qatar; Saudi moves little

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Stock markets in the United Arab Emirates and Qatar retreated in early trade on Wednesday as investors took profits in blue chips that had surged earlier this month, while Saudi Arabia’s index moved little.

Dubai’s index fell 1.1 per cent to 3,585 points, heading for a second straight session of losses; it dropped back below technical resistance on its August peak of 3,624 points.

Air Arabia the only listed airline in the Gulf, was the worst performer, down 2.2 per cent. Real estate giant Emaar Properties lost 1.2 per cent.

Profit-taking also hit Abu Dhabi, dragging the index down 1.0 per cent. Telecommunications operator Etisalat fell 1.9 per cent and National Bank of Abu Dhabi dropped 1.5 per cent.

Qatar’s main index retreated 0.8 per cent, after being the region’s top performer on Tuesday. The largest bank, Qatar National Bank, lost 1.1 per cent.

In Saudi Arabia the index, which fell over the previous two sessions, managed to hold onto small gains, adding 0.05 per cent after 45 minutes of trade. Large-cap lenders were the main support, with National Commercial Bank adding 0.5 per cent.

But petrochemical shares remained soft, with the sub-index pulling back 0.3 per cent.

Paul

The author Paul