Gulf markets close lower

DUBAI: Gulf markets ended in the red yesterday, with the Dubai index losing more than 1.5 per cent – its biggest daily percentage loss since Jan. 31 – although Egypt bucked the trend and rose.

In Dubai, Emirates NBD Bank shed 3.5pc and blue-chip developer Emaar Properties lost 1.7pc, both putting the biggest drag on the market.

The Saudi index swung in and out of positive territory, but ended the session down 0.4pc.

Saudi Aramco eased 0.4pc after HSBC analysts said the oil giant’s prospects look more positive for 2021, hinting at declining net debt and a possible dividend hike.

The Abu Dhabi index snapped four sessions of gains to end the day 0.7pc lower. Financials and the real estate sector weighed on sentiment.

Outside the Gulf, Egypt’s blue chip index edged marginally higher to close at 0.2pc. Financial and consumer stocks gained, while IT stocks fell.




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