Dubai: Most stock markets in the Gulf ended lower on Monday, in line with global shares, while the Dubai index saw its biggest fall in over a month as the United Arab Emirates intercepted another attack by the Houthis.
Dubai’s main share index declined 2 percent, dragged down by a 3.5 percent drop in blue-chip developer Emaar Properties and a 1.9 percent fall in top lender Emirates NBD.
The United Arab Emirates on Monday said it had foiled another Houthi missile attack following last week’s deadly assault on the Gulf state as the Iran-aligned group takes aim at the safe haven status of the region’s tourism and commercial hub.
The Abu Dhabi index eased 0.1 percent, with conglomerate International Holding losing 0.6 percent.
“Global markets are set to remain sensitive to fresh policy clues out of the Federal Reserve this week. Since the start of the new year, risk assets have been realigning with the more aggressive Fed rate hikes expected for 2022,” said Han Tan, chief market analyst at Exinity Group.
Saudi Arabia’s benchmark index fell 0.6 percent, hit by a 1.3 percent fall in Al Rajhi Bank and a 2.5 percent decline in Saudi National Bank.
The Saudi market continued its correction, after hitting its highest in over 15 years earlier this month, as investors try to secure their gains, said Wael Makarem, senior market strategist at Exness.
Crude prices, a key catalyst for the Gulf’s financial markets, rose on elevated geopolitical risks in Europe and Middle East.
Outside the Gulf, Egypt’s blue-chip index decreased 0.3 percent, with Commercial International Bank losing 0.4 percent.
SAUDI ARABIA
down 0.6%
to 12,068
ABU DHABI
down 0.1%
to 8,701
DUBAI
down 2%
to 3,147
QATAR
up 0.3%
to 12,523
EGYPT
down 0.3%
to 11,616
BAHRAIN
down 0.3%
to 1,810
OMAN
down 0.5%
to 4,202
KUWAIT
down 0.2%
to 8,000