DUBAI: Most Middle East markets tumbled on Sunday as global sentiment for equities turned sour following US President Barack Obama’s move to curb US banks’ proprietary trading.
Dubai’s index plunged 5 percent to 1,570 points and Egypt lost 3 percent to 6,657 points in their largest one-day declines since early December, while Qatar slumped to an eight-week low and all other regional markets fell, except for Saudi Arabia.
The Kuwait index fell 0.5 percent to 7,025 points.
Zain fell 3.1 percent, with fears over its likely fourth-quarter earnings also weighing on the stock.
ZSA dropped 0.5 percent, but Saudi bluechips were steady, helping the Kingdom’s index rise 0.1 percent. The Tadawul All-Share Index (TASI) closed on Sunday at 6,301.94 points. The market saw six sectors closing with losses ranging from 0.02 percent in the Transport sector to a loss of 0.88 percent in the Multi-Investment sector. Nine sectors showed gains ranging from 0.16 percent in the Banks & Financial Services to a gain of 1.28 percent in the Cement sector. Overall market breadth was positive on Sunday, with 68 advancers and 43 decliners registering an AD ratio of 1.58, the Jeddah-based Financial Transaction House (FTH) said in its daily market commentary.
— With input from agencies
