Dubai:
Dubai index fell more than one per cent on Wednesday to breach the keenly-watched 4,000 level, its lowest level in six weeks weighed by weak sentiment in crude oil on Tuesday.
Brent crude rose more than one per cent on Wednesday, after declining over 2 per cent in the previous session.
The Dubai Financial Market General Index ended 1.65 per cent lower at 3,992.49, after hitting a low of 3,986.35, a level last seen on April 15.
“People are finding no reason to buy and they are cutting positions ahead of the summer holidays. But the trend is down,” said Sanyalaksna Manibhandu, manager of research, National Bank of Abu Dhabi Securities.
“There would be sharp swings in individual stocks as people ready to get out or trade short-term,” Manibhandu said.
Emaar Properties ended 2.73 per cent lower at Dh7.83, while Damac Properties ended 2.60 per cent lower at Dh3. Union Properties ended 3.51 per cent lower at Dh1.10.
Out of a total of 36 companies traded on the exchange, shares of 28 companies fell, while shares of 5 companies fell.
The Abu Dhabi Securities Exchange General Index also ended 0.86 per cent lower at 4,575.32.
Aldar Properties ended at Dh2.64, down more than three per cent, while Eshraq Properties ended 1.28 per cent lower at Dh0.77.
Out of a total of 33 stocks traded on the exchange, shares of 20 companies fell, while shares of 5 companies rose.
Saudi’s Tadawul index ended 0.49 per cent lower at 9,753.32.
Saudi Basic Industries ended 0.43 per cent lower at 103.75 Saudi Riyals (Dh101.62), while Alinma Bank ended 0.29 per cent lower at 24.15 Saudi Riyals.
Qatar dives:
Qatar index fell as much as 2.7 per cent before ending 1.45 per cent lower at 12,228.83.
Switzerland’s Office of the Attorney General reportedly said it suspected irregularities occurred in the allocation of the FIFA World Cups of 2018 and 2022, which were awarded to Russia and Qatar respectively.
Qatar Islamic Bank ended more than 3 per cent lower at 104.7 Qatari Riyals (Dh102.55).
Ezdan Holding, which had surged earlier this month because of its inclusion in MSCI’s emerging markets index, tumbled 3.3 per cent to be at 30.3 Qatari Riyals.
Elsewhere in the region, Muscat Securities MSM 30 index ended 0.06 per cent higher at 6,393.97. Kuwait Stock Exchange Index ended 0.37 per cent higher at 6,332.92. Bahrain Bourse All Share Index ended 0.09 per cent lower at 1,365.73.
