The MSCI Emerging Markets Middle East and Africa Index fell yesterday, as uncertainty about US interest rates and the price of oil continued to weigh on regional bourses.
Indexes in the UAE, Qatar, Jordan, Lebanon, and Kuwait all declined, while the Saudi Tadawul rose 0.27 per cent. Brent futures fell to US$48.6 per barrel yesterday – its lowest price since the collapse of the US investment bank Lehman Brothers in September 2008.
“Markets will be volatile as investors assess the US economic outlook, and energy stocks will continue to take some hits,” Warut Siwasariyanon, the head of research at Asia Wealth Securities, told Bloomberg News.
The Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) both fell by 0.68 per cent.
On the ADX, seven stocks advanced, while 17 stocks fell. On the DFM, six stocks advanced, while 17 stocks fell.
On the DFM, Ajman Bank and Gulf General Investment both fell 3.8 per cent, while Islamic Arab Insurance lost 3.7 per cent. The gainers included Takaful Emarat, which climbed 4.65 per cent. Shuaa Capital was up 2.2 per cent and Emirates NBD rose 2 per cent.
In Abu Dhabi, National Takaful Watania shed 9.4 per cent, while Gulf Cement dropped 6.1 per cent. RAK Cement and RAK Ceramics both fell 3 per cent. Abu Dhabi Ship Building rose 7.39 per cent.
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