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Reuters
Gulf stock markets were mixed at Sunday’s close, with Abu Dhabi and Dubai ending the day in a narrow range, while the Saudi stock market dropped 0.57 percent, amid weakness in energy and financial stocks.
The Gulf market took little respite from a rise in oil prices and a rebound for Wall Street stocks on March 2 and following US President Donald Trump announced plans
to impose tariffs on steel and
aluminium imports. “The low liquidity is still affecting the UAE stock market and there seems little interest to allocate funds that are sitting on the side,†said Tariq Qaqish, Managing Director Asset Management at Menacorp in Dubai.
“We do see stocks trading at attractive levels and close to book values yet weak investor confidence is keeping investors away,†he said.
The Abu Dhabi index was up
0.2 percent, with healthcare and utilities sectors providing it support. Abu Dhabi National Energy Co rose 1.27 percent and Gulf Pharmaceutical Industries climbed 8.6 percent. The Dubai index was up 0.1 percent.