August 2, 2018 / 1:37 PM / 3 months ago

MIDEAST STOCKS-Abu Dhabi leads Gulf share tumble as world trade fears spread

* Abu Dhabi down as most Gulf exchanges fall

* Dana Gas, Taqa down in Abu Dhabi

* Aramex jumps 3.5 pct in Dubai

DUBAI Aug 2 (Reuters) - Abu Dhabi’s stock market fell on Thursday, leading a tumble of most Gulf bourse’s as fears spread of an escalating trade dispute between the United States and China.

Analysts blame the retreat in world stock markets on the uncertainty around the trade policy of the Trump administration.

Trump said on Wednesday he wants to raise the tariff on $200 billion of Chinese goods to 25 percent from a previously proposed 10 percent, later rattling Asian stocks.

Abu Dhabi’s benchmark index closed down 0.7 percent, pulled down by financial, telecom and energy stocks.

The United Arab Emirates’ largest lender First Abu Dhabi Bank (FAB) lost 0.7 percent and Etisalat, also known as Emirates Telecommunications Group, fell 1.2 percent.

Energy shares Dana Gas and Abu Dhabi National Energy (TAQA) lost 2.7 percent and 1.7 percent, respectively, as oil prices fell for a third day.

Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.

In Saudi Arabia financial stocks weighed on the region’s biggest stock market to drag the main index down 0.4 percent. Al Rajhi Bank fell 0.8 percent, Alinma Bank closed down 1.6 percent, and Riyad Bank lost 1.0 percent.

The Saudi Arabian bourse saw some support from National Commercial Bank which rose 0.4 percent and Jarir Marketing gained 1.0 percent.

In Dubai, developer Emaar Properties and its units Emaar Development and Emaar Malls lost 0.7 percent, 0.4 percent, and 1.4 percent, respectively. Emaar Malls had gained earlier this week after reporting on Monday a nearly 15-percent jump in quarterly earnings, broadly in line with market forecasts.

Emirates NBD, Dubai’s biggest lender, fell 0.5 percent. Logistics company Aramex gained 3.5 percent after reporting on Wednesday a 26 percent increase in second quarter profit.

Dubai’s main index closed down 0.2 percent.

In Qatar, the index closed flat at 9,981 points with Commercial Bank losing 1.2 percent and Qatari Investors Group rising 4.0 percent.

SAUDI ARABIA * The index lost 0.4 percnet at 8,254 points. DUBAI * The index lost 0.2 percent to 2,974 points. ABU DHABI * The index lost 0.7 percent to 4,811 points. QATAR * The index was flat at 9,981 points. KUWAIT * The index gained 0.7 percent up at 5,349 points. BAHRAIN * The index lost 0.3 percent to 1,349 points. OMAN * The index was down 0.3 percent to 4,327 points. EGYPT * The index gained 0.9 percent to 15,806 point (Reporting by Alexander Cornwell, editing by Larry King and Pritha Sarkar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below