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Reuters
Most Middle Eastern stock markets fell on Wednesday because of sliding foreign bourses and negative geopolitical news related to Qatar and Yemen. Qatar was the hardest hit major market, with its index dropping 1.5 percent. Qatar National Bank, the biggest bank, tumbled 3.3 percent, while drilling rig provider Gulf International Services sank 6.5 percent.
To prevent the switch, which could have reduced Qatari stocks weightings in MSCI’s emerging markets index, Qatar’s central bank pledged to supply currency at onshore rates to
all investors.
The most heavily traded stock, real estate firm Dar Al Arkan, soared 9.3 percent to 11.94 riyals; it was around 7.50 riyals as recently as mid-November, when MSCI said it was adding the stock to its Saudi Arabia Index. Saudi Industrial Export Co jumped 3.2 percent in unusually heavy trade after the market regulator approved its request to reduce its capital to $2.9 million from 108 million riyals.
Dubai’s index edged up 0.02 percent because builder Drake & Scull, which has been restructuring its business, rocketed 9.6 percent.
After it reported a big loss for the third quarter, some investors are betting there is little bad news left for its fourth-quarter results.
But Emaar Properties slipped 0.5 percent and affiliate Emaar Development fell 1.3 percent to 5.55 dirhams.
In late November, HSBC started its coverage of Emaar Development with a “reduce†rating and a target of 5.30 dirhams.
Abu Dhabi’s index climbed 1.1 percent as First Abu Dhabi Bank gained 2.0 percent.
Abu Dhabi National Oil Co cut the price range for an IPO of its fuel distribution unit and will sell only a 10 percent stake in the unit, valuing the potential deal at $900 million.
ADNOC had said last month it could sell as much as 20 percent of the unit in a higher price range, which would have valued the deal as high as $2 billion.