Abu Dhabi stocks follow Saudi Arabia in leading regional downturn in May
The Abu Dhabi index fell more than 3 per cent in May, while Saudi Arabia’s Tadawul led the regional losses even as investors eyed fresh leads for direction.
The Dubai index ended the month almost flat.
Saudi Arabia’s Tadawul index was 0.87 per cent higher at 6,415.06 on Tuesday. The Tadawul index shed more than 5 per cent in the month, after gaining 9 per cent in April, making it the worst performer regionally.
The Abu Dhabi Securities Exchange general index closed 0.22 per cent lower at 4,250.20, after losing more than 3 per cent in May, making it the second biggest loser in the region. The Dubai Financial Market General index ended 0.22 per cent higher at 3,313.72. “Markets are sideways as there are no catalysts at this point,” Mohammad Shabbir, head of equity funds & portfolios at Rasmala, adding “going forward equities would remain in a range.”
The period of Ramadan, when trading slows, begins in June and continues throughout July.
Stocks in Dubai displayed mixed movements. Air Arabia ended more than 3 per cent higher at Dh1.34. Arabtec ended more than 1 per cent lower at Dh1.37. Emaar Properties ended almost flat at Dh6.25, making it the most active hare in trade. In Abu Dhabi, Dana Gas ended more than 1 per cent lower at Dh0.53.
MSCI increased the weight of Chinese shares, triggering a reduction in weightage of equity markets of UAE, Qatar and Egypt. Analysts say that this would result in outflow of $60-70 million each from three emerging markets.
Elsewhere in the Gulf, Qatar exchange index ended down 0.14 per cent lower at 9,538.77. The index had shed 2.6 per cent in May. Muscat Securities MSM 30 index closed 0.47 per cent lower at 5,810.96. Kuwait Stock Exchange index closed 0.40 per cent higher at 5,400.33. Bahrain Bourse all share index closed 1.57 per cent higher at 1,111,56. In the wider Middle East, Egyptian EGX 30 index closed 0.36 per cent higher at 7,479.78.