Dubai prospects most Gulf markets lower, but Abu Dhabi bucks the pattern

(Reuters) – Most key Gulf stock marketplaces slipped on Sunday, with Dubai hardest strike following a surge in coronavirus conditions in the United Arab Emirates, but Abu Dhabi bucked the development to trade higher.

FILE Picture: News of Joe Biden’s victory in U.S. elections is aired on a digital monitor in Dubai Stock Exchange in Dubai, United Arab Emirates, November 8, 2020. REUTERS/Abdel Hadi Ramahi

Dubai’s primary share index dropped as a lot as 1.3% in early trade, with blue-chip developer Emaar Properties shedding 1.2%

Fiscal shares also drove the losses, led by a Dubai’s biggest loan company, Emirates NBD Lender, which was down .4%.

Dubai has suspended non-crucial surgery for a thirty day period and stay leisure in hotels and dining places right up until further observe as coronavirus infections surge in the Center East investing hub.

New day by day situations in the Gulf state of about 9 million people tripled in the previous thirty day period to about 354 for each million this 7 days, in accordance to Oxford University’s Our World in Knowledge analysis programme.

The UAE does not launch spot details for bacterial infections, earning it difficult to figure out if Dubai, which comfortable limitations early on, has been the hardest strike by the modern surge.

Saudi Arabia’s benchmark index fell .2%, weighed down by a 1.2% drop in petrochemical agency Saudi Standard Industries and a .6% reduce in the kingdom’s largest lender, Nationwide Industrial Financial institution.

Unemployment in Saudi Arabia fell in the 3rd quarter of 2020 to 14.9% from 15.4% in the second quarter, official knowledge in the world’s most important oil exporter showed on Friday.

In Abu Dhabi, the index edged up .1%, assisted by a 1.2% obtain in Abu Dhabi Business Bank.

The Qatari index slipped .1%, with petrochemical maker Industries Qatar falling .4%.

Kuwait’s blue-chip index rose .6%, with all its economic shares buying and selling increased, which include National Lender of Kuwait, which was up .5%.

Kuwait’s central bank allowed banking companies to distribute dividends to shareholders based on their 2020 financial statements and internet earnings.

Reporting by Ateeq Shariff in Bengaluru Editing by Nick Macfie