x Abu Dhabi, UAETuesday 25 July 2017

'Wave of fear' hitting global and Middle East stocks

Markets Update: Investors sold shares in equities across the Middle East and on Greece default fears. Watch video.

Stock markets in the Middle East faced selling pressure on Tuesday, tracking global markets, on Greek default fears.

"It's another wave of fear coming through. If you look around the world, Asia is down, Europe is down and US futures are down," said Mohammed Ali Yassin, the chief investment officer at CAPM Investment in Abu Dhabi. The sentiment contagion is filtering through to the region, it doesn't look good."

Egypt's market saw the steepest losses, down 2.7 per cent to 4076.92 points.

"The situation in Egypt is as follows, sentiment is very very bad," said Wafik Dawood, the head of institutional trading at Mega Investment Securities in Cairo. "

"The country is dealing with its own internal factors, combined with the performance of global markets is causing a sell-off in equities, and there may be more weakness ahead," he added.

In the UAE, Dubai's benchmark was down for a fifth day, its longest streak in more than four months.

Bellwether Emaar Properties was down 2.6 per cent to Dh2.57 a share. Dubai Financial Market Company, the only bourse in the region to ever sell its shares to the public, was down 2.8 per cent to Dh1.03. The Dubai Financial Market General Index was down 1.6 per cent to 1384.71 points.

Property stocks were the most affected on the Abu Dhabi Securities Exchange.

Aldar Properties was down 1.7 per cent to Dh1.13 and Sorouh Real Estate slumped 3.7 per cent to Dh1.02. Abu Dhabi's gauge, the Abu Dhabi Securities Exchange General Index was down 0.3 per cent to 2511.57 points.

Elsewhere in the region, Kuwait's index was down 0.3 per cent to 5794.00 points. Bahrain's index was down 0.4 per cent to 1165.04 points. Oman's measure was down 0.1 per cent to 5573.26 points. Qatar's benchmark lost 1.1 per cent to 8195.94 points. The Saudi Tadawul All-Share Index was down 1.4 per cent to 6024.39 points. The Saudi Tadawul All-Share Index was down 1.4 per cent to 6024.39 points.

halsayegh@thenational.ae