DUBAI: Oman was the biggest loser in the Gulf region yesterday, falling nearly 2% and leading three markets lower as foreign institutions continued to sell. Bank Muscat led declines for a second trading day.
Real estate stocks led Dubai lower with Emaar Properties, Deyaar and Union Properties declining amid ongoing concerns of a crackdown on corruption and speculation.
Abu Dhabi rose more than 1% with financial stocks helping the advance as investors bought back after three days of declines. Bahrain closed higher after two days of lower closes.
The index Muscat Stock Index fell 1.86% to 9,720.85 points, having dropped nearly 9% since August 20.
“Foreign selling is continuing,” said Sankar Kailasam, head of research at Gulf Investment Services. “That’s what is dragging the market.” Bank Muscat fell 3.79% and has lost more than 10% in the last eight days. Raysut Cement Co declined 2.68%.
The Dubai benchmark eased 0.26% to 4,789.81 points. Emaar Properties slipped 0.84% after rallying more than 5% on Wednesday. Deyaar and Union Properties fell 1.6% and 1.02% respectively.
In Abu Dhabi, the UAE capital’s index rose 1.29% to 4,416.08 points. Emirates Telecoms (Etisalat) rose 1.7% to 17.95 dirhams ($4.89) - below a price target of 26.1 dirhams set by EFG-Hermes. First Gulf Bank climbed 3.85% to 23 dirhams - off from Citigroup’s 31.50 dirham price target.
Kuwait’s main measure fell for a fourth consecutive trading day, losing 0.12% to 14,499.20 points. Kuwait Finance House fell 0.73% and Gulf Bank, one of the biggest losers, slipped 3.39%.
The Bahrain benchmark edged 0.2% higher to 2,696.68 points. - Reuters