Arab Today, arab today saudi qatar drops to 5month low uae sees selloff
Last Updated : GMT 08:35:32
Arab Today, arab today
Arab Today, arab today

Saudi, Qatar drops to 5-month low; UAE sees sell-off

Arab Today, arab today

Arab Today, arab today Saudi, Qatar drops to 5-month low; UAE sees sell-off

Riyadh - Arabstoday

Saudi Arabia\'s index ended at a five-month low, as most shares retreated in reaction to a panic sell-off in US and Asian markets on fears of a new global downturn. The benchmark ended 0.8 percent lower at 6,009 points, its lowest close since March 7. Bellwether Saudi Basic Industries Corp (SABIC) fell 1.3 percent and Al Rajhi Bank dropped 0.7 percent.World stocks sank sharply for a 10th session running on Tuesday, racking up a 20-percent loss since early May.Brent crude shook off sharp losses to gain over $1 on Tuesday, supported as investors edged back into riskier assets after a sharp sell off in recent sessions. \"I expect the regional markets to rebound strongly as soon as the global markets stabilise,\" said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.\"However, if oil falls below $70 in a sustained decline, there will be a negative impact on regional economies.\"UAE and Qatar\'s bourses ended in the red after seeing steady declines through the day as investor confidence was shaken following a slump in global stocks. Dubai\'s index fell 2 percent to 1,444 points and Abu Dhabi\'s benchmark dropped 1.3 percent to 2,578 points.Heavyweights Emaar Properties lost3.8 percent and Emirates NBD dropped 2.3 percent. \"As the dust settles, a lot of regional investors will look at their backyards and feel more confident,\" said Shakeel Sarwar, head of asset management at Securities & Investment Co (SICO) in Bahrain.\"Yes, nobody wants to catch a falling knife but there are good buying opportunities out there. Lot of companies with good fundamentals have fallen sharply in the last few days. The earnings growth this year has been strong overall.\" Qatar\'s index fell 1.8 percent to close at 8,071 points, its lowest close since March 8. Heavyweight Industries Qatar slumped 4.1 percent.Qatar Electricity and Water dipped 1.5 percent. The firm reported a second-quarter net profit of 443.6 million Qatari riyals, rising 40.97 percent from the year ago period, according to statement on the bourse.Qatar National Bank bucked the trend and ends 0.07 percent higher. Oman shares fell victim to a region wide sell-off as increasing concerns over weakening global growth put pressure on investor confidence.The benchmark ended 1.8 percent lower at 5,505 points, crossing a two-year low. Large-caps tumbled, with Bank Muscat falling 4.3 percent while and Bank Dhofar slumped 8.6 percent.There were no gainers.\"We do expect the trigger for the market to come in the form of valuations and might see liquidity improving post-Eid as global uncertainties calm down,\" said Kanaga Sundar, head of research at Gulf Baader Capital Markets.Oman Telecommunications Co\'s (Omantel) eased 0.2 percent, giving back earlier gains. It said yesterday its second-quarter net profit was unchanged from a year-ago as expenses rose on the back of new recruitments and improvement in employee benefits. Elsewhere, Kuwait\'s index fell 1.5 percent to 5,870 points, hitting a fresh seven-year low. Logistics firm Agility slumped 5.6 percent.Saudi Arabia\'s index tumbled to a five-month low on open, and all shares are down, reacting to a rapid downgrade in the outlook for US and global economic growth. The benchmark dropped 4.3 percent to 5,803 points, its lowest level since March 7. Bellwether Saudi Basic Industries Corp (SABIC) slumped 5.2 percent, Al Rajhi Bank dropped 4 percent and Saudi Kayan Petrochemicals sags 6.4 percent. Brent crude oil futures recovered from sharp losses in early European trade on Tuesday, as investors edged back into riskier assets after a heavy sell-off the previous session. By 0718 GMT Brent crude was 22 cents lower at $103.52. From / Arabian Business News

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