Markets Wrap: Investors are finding little reason to increase positions amid tensions in some parts of the Middle East, while local catalysts are hard to find.
Saudi Arabia's Tadawul ends run of declines
UAE markets ended the session yesterday little changed in lacklustre trading while Kuwait's bourse slipped from a six-week high.
Investors are finding little reason to increase positions amid tensions in some parts of the Middle East, while local catalysts are hard to find.
The Dubai Financial Market General Index slid 0.2 per cent to close at 1,588.77 points, trading within a tight range for the last eight sessions.
Property-related stocks weighed on the benchmark. Emaar Properties and Deyaar Development shed 0.8 and 0.9 per cent respectively.
The Abu Dhabi Securities Market General Index edged up 0.1 per cent to 2,646.92.
Egypt's measure extended declines following nationwide protests on Tuesday against the president Mohammed Morsi's decree that gave him new powers. The main benchmark Egyptian Exchange fell 4.61 per cent to 4,815.43, extending losses to 8.4 per cent since Mr Morsi issued a decree last week that put beyond judicial review any decision he takes until a new parliament is elected.
Shares in the Egyptian builder Orascom Construction Industries dropped 2 per cent after it reported a 31 per cent drop in net income for the third quarter, citing a seasonal slowdown in the construction group's work.
Palm Hills Development slumped 5.7 per cent, accounting for the heaviest traded volumes on the market.
The Qatar Exchange ended 0.4 per cent higher at 8,435.29. The Kuwait Stock Exchange slipped 0.3 per cent to close at 5,935.89.
The Saudi Tadawul All-Share Index climbed 1.09 per cent to 6,533.14. It fell in 12 of the previous 14 sessions.