Gulf bourses track Asian shares lower

Major stock markets in the Gulf fell in early trade on Thursday, in line with Asian shares that slid on concerns about Chinese economy after a run of soft data.

A raft of manufacturing surveys suggested supply bottlenecks were tightening again with eight of nine Asian countries reporting longer delivery times.

Saudi Arabia’s benchmark index (.TASI) eased 0.2 per cent, with Saudi Telecom Company (7010.SE) dropping 1.5 per cent and Sabic Agri-Nutrients (2020.SE) declining 1.4 per cent.

Meanwhile, the kingdom is expected to cut prices for most crude grades it sells to Asia in October after Middle East benchmark Dubai weakened last month, a poll of six refiners showed.

Dubai’s main share index (.DFMGI) retreated 0.4 per cent, a day after closing at its highest in over 2 years, with Emirates NBD Bank (ENBD.DU) falling 1.4 per cent.

Elsewhere, Dubai’s biggest listed property firm Emaar properties (EMAR.DU) lost 0.5 per cent, whereas its unit Emaar Malls (EMAA.DU), operator of glitzy Middle East shopping centres, decreased 1 per cent. In the previous session, the duo finished higher.

Emaar Properties is weighing options to sell fashion e-commerce business Namshi that may include a listing abroad via a SPAC, Reuters reported on Tuesday, citing three sources familiar with the matter. An outright sale of Namshi may generate $600 million to $700 million in proceeds, while a listing through a special purpose acquisition company could be more lucrative.