Dubai: Middle East bourses mostly declined Sunday, tracking losses in global markets, as selling pressure continues ahead of the long Eid holiday.
Stocks, bonds and commodities fell on Friday on fears China may raise interest rates while Ireland's dubious debt position forced European leaders to leap to Dublin's defence. Oil prices slumped more than 3 per cent, retreating from a 25-month high.
US stocks snapped a five-week winning streak, ending lower as commodity and energy shares took a beating on concerns that changes in Chinese monetary policy might slow the pace of its voracious appetite for raw materials.
"The picture is foggy and investors are not sure how global markets will perform in the coming days," says Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments.
"Traders might want to stay on the safe side going into the long holidays."
Qatar's benchmark ended slightly higher in a day of lacklustre trading, as investors remain on the sidelines ahead of the Eid holidays.
Shares of heavyweight Industries Qatar slipped as investors book profits.
"We are seeing profit-taking on Industries Qatar, as it has been one of the strongest performers in Qatar, up 8 per cent in the last five days," said Robert Pramberger, acting head of asset management at Doha-based Investment company The First Investor. Industries Qatar drops 1.2 per cent.
"Effectively it was a quiet day and trading was on low volumes."
Qatar Telecom gained 1.1 per cent and Qatar National Bank added 0.8 per cent, lifting the index by 0.1 per cent to end at 8,084.
Oman's index dropped, as bank stocks led a decline. National Bank of Oman fell 1.4 per cent and Bank Muscat lost 1.2 per cent.
The index slipped 0.2 per cent to end at 6,607.
The move upward "appears to be over extended and the latest sell-off in the oil price and the global equity markets increases the probability of a material pull back," say Shuaa Capital analysts.
Companies warned
In Kuwait, stock exchange on Thursday warned 58 listed companies that it will halt trading in their shares if they don't submit their third-quarter financial results by November 21.
Of the 58 companies, 32 haven't set a date for a board meeting yet, the bourse said in a statement posted on its website. The 32 companies include Investment Dar, Securities House, Gulf Investment House and Noor Financial Investment, according to the statement.
The Bahrain Stock Exchange will close for Eid Al Adha holiday between Tuesday, November 16 and Thursday, November 18. Trading on the exchange will resume on November 21.
