Home ›› 19 Apr 2023 ›› Stock
Stock markets in the Gulf ended lower in thin trade on Tuesday, as long-term equity investors stayed on the sidelines ahead of the Eid al-Fitr holidays due this week, although the Kuwaiti index bucked the sombre trend to close the session higher.
Dubai's main share index (.DFMGI) eased 0.1%, with blue-chip developer Emaar Properties (EMAR.DU) slumping 1% to lead the losses.
In Abu Dhabi, the index (.FTFADGI) dipped 0.1% to snap a six-day winning streak, with the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD) losing 0.3%, reported Reuters.
The Abu Dhabi market saw downward pressure after more than a week of upbeat performances as traders try to secure their gains, said Daniel Takieddine, CEO MENA at BDSwiss.
"Oil prices' failure to pick up also weighed on the market."
Oil - a key catalyst for the Gulf's financial markets - fell for a second day as upbeat Chinese economic data failed to deflect the focus from a possible increase to US interest rates and wider concern about the growth outlook.
Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month.
