Gulf Markets take a dip with Ramadan Lull
Dubai Gulf Arab markets dipped into negative territory on low volumes yesterday as investors, focussed on the Muslim holy month of Ramadan and avoiding the region's searing summer heat, stayed away from trading and global cues failed to inspire buying.
In Oman, the Muscat index dropped for the fifth session in succession to a fresh three-year low, dragged down by banks. The bourse ended down 0.2 per cent yesterday.
Kuwait's index dropped to its lowest level since January 11, with the 0.7pc fall its sixth decline in the last seven sessions.
In Saudi, the index slipped marginally into the red in the final trading session of the week, but Saudi Arabian Fertilizers Co (Safco) continued its recent advance to close at a 15-week high.
Dubai dropped 0.3pc to its fourth decline in five sessions, with volumes at their lowest since January 1, while Qatar dipped 0.2pc, down for a third session.
The only index to rise in the region is Bahrain. The index gained gained 0.2pc, having hit its lowest level since April 2003 the previous day.
- Is corruption becoming a systemic practice in Turkey?
- Opportunities and challenges for investing in Egypt's renewable energy sector
- Egypt's financial aid: where does it come from and where does it go to?
- Dual citizenship: double the opportunities or challenges?
- The Middle East's entire 'Wasta' culture needs to go down the drain