MARKET REPORT Regional bourses mainly in the red

Arabian Gulf markets closed mainly in the red yesterday.

In Abu Dhabi, the ADX closed down 0.8 per cent to 4,836 points. Winners included Abu Dhabi Islamic Bank, up 3.6 per cent, Watania, which finished 3.3 per cent higher and Agthia, which put on 1 2 per cent.

Fallers included Taqa, down 7.9 per cent, Arkan, which shed 6.6 per cent and Methaq, at 6.4 per cent lower.

After hitting its lowest level in more than five years on Thursday, the Dubai index regained ground in early trading before closing 1.2 per cent lower at 2,551 points.

Al Salam Sudan gained 7 per cent, while Emaar Malls put on 1.1 per cent

Emaar Properties, Dubai’s largest developer, shed 1.9 per cent, while Emirates NBD dropped 1.1 per cent.

The main index in Saudi Arabia finished 0.1 per cent lower to 7,839 points, with Al Rajhi Bank 0.2 per cent lower.

The Egyptian-blue chip index lost 2 per cent to 12,140 points, with 26 of its 30 stocks falling, partly due to concerns about new bank regulations.

The country’s biggest lender, Commercial International Bank, slipped 0.6 per cent 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 per cent profit decline in 2019.

In Kuwait, the index was up 0.1 per cent at 5,443 points, while Bahrain’s was down 0.2 per cent to 1,317 points.

Oil market watchers will be looking to see if last week’s rally will continue. On Friday oil climbed after Opec Middle East producers agreed to reduce output to drain global fuel inventories and support the market.

US crude rose 1.4 per cent to $52.22 per barrel and Brent was at $61.39, up 2.2 per cent on the day.

Gold, meanwhile, hit a fivemonth peak on Friday as the dollar slid following weaker-than-expected US jobs data, which added to expectations that the US Federal Reserve may go slow on interest rate increases next year.

Spot gold gained 0.8 per cent to $1,247.47 per ounce, having hit $1,247.30 per ounce earlier, its highest level since July 13.

With a rise of more than 2 per cent last week, gold posted its best gain since the week of March 23.