Majority of Gulf bourses fall
Stock markets in the Gulf states ended mixed on Sunday. In Saudi Arabia, the Tadawul TASI index slipped 3.78% on after falling over 5 percent on Saturday.
The Dubai Financial Market Index closed up a meagre 0.4 percent on 3,215.94 points. The market leader, real estate giant Emaar, closed up just 0.7 percent after initially rising by around six percent, despite announcing a 15 percent rise in profits for the first nine months.
The other United Arab Emirates bourse, the Abu Dhabi Securities Exchange, finished the day up 2.4 percent at 3,446.76 points. The market was supported by the telecom and banking sectors which rose 3.7 percent and 3.6 percent respectively.
In Qatar, Doha Securities Market closed up 1.25 percent on 7,901.62 points. Muscat Securities Market closed down 0.4 percent, while Bahrain Stock Exchange finished up 0.4 percent.
Kuwait Stock Exchange, the second biggest Arab bourse, was the main loser. The KSE Index closed down 2.7 percent on 11,234.10 points.
Since the start of the current month, all seven Gulf bourses have fallen sharply.
Dubai dropped 22.00 percent, Abu Dhabi 13 percent and Saudi Arabia 14 percent. Qatar and Oman slumped 15 percent each and Kuwait 13.5 percent.