Dubai: Mideast stocks fell broadly in Sunday's afternoon trading on low volumes before the start of Ramadan and in the wake of the weak US job report issued at the end of last week.
Kuwait's index fell, tracking weaker global markets, while trading in logistics firm Agility remained suspended.
The index fell 0.1 per cent to 6,662. Qatar's index declined by 0.3 per cent to 7,111. Muscat's bourse remains largely unchanged at 6,352.
Egypt's benchmark index inched down 0.3 per cent but was buoyed by strong gains in the food sector ahead of Ramadan as traders anticipate higher demand.
"The market is bullish on Ramadan-related stocks," says Osama Murad of Arab Finance Brokerage.
"Food and oil stocks, led by Juhayna are making strong gains."
Ajwa Food Industries climbed three per cent and Juhayna Food Industries 3.9 per cent.
Dairy and juice maker Juhayna Food Industries added 2.7 per cent.
"A big percentage of its revenue comes from its yogurt sales in this month," Mina Iskander of investment bank EFG-Hermes said, adding the firm is likely to continue performing well both on the bourse and off.
The index closed at 6,389.
Average returns
A recent study found that stock markets in predominantly Muslim countries generated average returns nearly nine-fold higher during the month of Ramadan than during the rest of the year.
Heavyweight Orascom Telecom shed one per cent and Orascom Construction Industries 0.8 per cent.
Palm Hills Developments rose 1.7 per cent after booking its highest ever reservations of new units in the second quarter.
Saudi Arabia's benchmark retreated for a third session out of four, tracking weak investor sentiment across the Middle East, as doubts about the economic recovery persist.
Alinma and Emaar Economic City, the most actively traded stocks during yesterday's session, fell 0.5 per cent and 0.6 per cent respectively.
The index declined 0.2 per cent to 6,324.
