Dubai index ends week lower

The Dubai Financial Market General Index fell 0.7 per cent at 2,684.28 on Thursday. The move follows the previous session’s increase of 0.1 per cent, with the index falling 0.6 per cent over the week.

Emirates NBD contributed the most to the index decline, decreasing 0.8 per cent. Arabtec Holding had the largest drop, falling 9.9 per cent. Overall, 18 of 37 shares fell, while six rose; six of nine sectors were lower, led by real estate and construction stocks.

Meanwhile, the Saudi Tadawul All Share Index rose for the fifth day, climbing 0.1 per cent, or 8.55 to 8,062.61 in Riyadh.

The index advanced to the highest closing level since September 30. Al Rajhi Bank contributed the most to the index gain, increasing 1.3 per cent.

Middle East Healthcare Company experienced the largest increase, rising 3.1 per cent. Overall, 63 of 191 shares rose, while 111 fell; 10 of 20 sectors were higher, led by banks stocks.

Emerging market stocks fell for a second straight session, as a diplomatic row between the US and China sparked fears of a delay to a deal to end a long-running trade war that has dented global growth and unsettled financial markets.

An index of developing world stocks was down 0.8 per cent, with trade-sensitive South Korean shares leading declines. Shares in China and Hong Kong also dipped.

Washington on Wednesday passed two bills supporting protesters in Hong Kong, which US President Donald Trump is expected to sign into law, drawing strong criticism from China.

The move threatens to undermine delicate trade negotiations between the world’s top two economies, with a report on Wednesday saying a deal could be delayed until next year as Beijing calls for more extensive tariff rollbacks and Washington counters with heightened demands of its own.

“The escalation with Hong Kong is being seen as a proxy war between the United States and China,” said Morten Lund, a senior FX strategist at Nordea.

“This is definitely a negative and really diminishes the chances of getting something signed before new year’s.”