|11-06-2014, 08:37 AM||#1|
Middle East bourses open in red, Mobily eyes further losses
Most Middle East stock markets opened in red on Wednesday, as oil prices continued to go lower, and traders found little motivation for a rebound as the earnings season came to an end.
The Dubai Financial Market (DFM) fell 1.80% to 4467.57, the lowest since October 23, led by Emaar Properties and Dubai Islamic Bank.
The Qatar Exchange fell 1.2% to 13634.52, led by Industries Qatar and Qatar Islamic Bank.
Gulf stock markets are expected to remain under pressure this week, with global equity markets showing no signs of stabilizing. Middle East bourses often track the performance of global shares.
U.S. stocks finished mostly lower on Tuesday, and Asian shares all fell but Japan.
Saudi Arabia’s Tadawul may remain under pressure on Wednesday, with investors queuing to sell shares in Mobily after its earnings shock.
Mobily shares lost their 10% daily limit yesterday, and further sell orders were not filled because of a lack of buying interest, which means shares could go down more on Wednesday.
The Index fell by 3.5% to 9,785 on Tuesday, its biggest drop in three weeks.
Third-quarter corporate earnings season has ended, and investors now have little reason to push for a rebound.
Saudi Arabia’s stocks could find some help from retail investor liquidity from the $6 billion National Commercial Bank initial public offering.
Qatari stocks are expected to remain down on Wednesday, but investors might rejoice tomorrow on a report by the MSCI Index compiler that is likely to show an upgrade for Qatari stocks on the emerging markets index.
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