JEDDAH – Gulf stock markets closed mixed Sunday after US job data fueled concern the global economy is weakening and on speculation political instability in Iran may intensify.
Saudi Arabia’s stock benchmark Tadawul All Share Index (TASI) decreased 0.98 percent to end at 7,377.61 points while Dubai’s DFM General Index retreated 1.4 percent to 1,560.28, the lowest since Feb. 16.
Dubai shares fell for an eighth day, the longest losing streak since 2006, after US job data fueled concern the global economy is weakening and on speculation political instability in Iran may intensify.
Kuwait’s gauge also retreated 0.1 percent, Oman’s MSM 30 Index and Abu Dhabi’s ADX General Index fell 0.3 percent.
However, Qatar’s QE Index rose 0.2 percent and Bahrain’s gauge climbed 0.3 percent.
Egypt’s EGX30 Index rose to the highest since March, gaining 0.9 percent to 4,973.62, after EFG-Hermes Holding SAE and Qatar’s QInvest LLC said they plan to create an investment bank. Cairo-based EFG-Hermes, the biggest publicly traded Arab investment bank, said May 4 it agreed with QInvest to start the venture that will be 60 percent owned by the Qatari firm. QInvest, a unit of Qatar Islamic Bank, will invest $250 million. – SG/Agencies
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