Gulf markets mostly fall

Egypt’s blue-chip index down

DUBAI, Dec 9, (RTRS): Gulf markets closed mainly in the red on Sunday, with market heavyweights Emaar Properties and Emirates NBD dragging Dubai’s index lower and Egypt’s market falling to fresh lows for the year.

After plunging to its lowest level in more than five years on Thursday, the Dubai index regained ground in early trading before closing 1.2 percent lower.

The market has fallen 24.3 percent this year, partly due to concerns about the health of Dubai’s real estate sector and wider economy.

Emaar Properties, its largest developer, sank 1.9 percent, while Emirates NBD dropped 1.1 percent.

The main index in Saudi Arabia finished 0.1 percent lower, with Al Rajhi Bank closing 0.2 percent down.

The Egyptian-blue chip index lost 2 percent, with 26 of its 30 stocks falling, partly due to concerns about new bank regulations.

The country’s biggest lender, Commercial International Bank (COMI), slipped 0.6 percent after last week providing an update on the proposed law on taxation of Treasury holdings.

The company said the changes would not affect 2018 results but its projections show a 5 percent profit decline in 2019, depending on whether loan loss provisions would be included in the tax treatment.

Saudi Arabia

The index lost 0.1 percent to 7,839 points.

Dubai

The index slid 1.2 percent to 2,551 points

Abu Dhabi

The index lost 0.8 percent to 4,836 points

Qatar

The index was flat at 10,604 points.

Egypt

The index fell 2.0 percent to 12,140 points

Kuwait

The index was up 0.1 percent at 5,443 points.

Bahrain

The index was down 0.2 percent to 1,317 points.