Gulf stocks down with global markets; Saudi, Egypt defy trend

Reuters

Gulf stocks mostly fell on Wednesday, with only Saudi Arabia resisting a broad decline in global markets after the resignation of a key White House economic adviser sparked fears of a trade war.
The departure of Gary Cohn, who had opposed US President Donald Trump’s plan for tariffs and was seen as a bulwark against protectionist forces within the Trump administration, triggered a global selloff across asset classes.
The Qatar market lost 0.7 percent. Vodafone Qatar was the worst performer, shedding 5.4 percent.
Its stock has been falling since the firm announced a plan to reduce its share capital by halving the nominal value of the company to 5 riyal per share.
The Abu Dhabi exchange was broadly flat, losing only 0.09 percent. But Dubai slipped 0.7 percent, weighed down by consumer stocks and real estate.
Major developer Emaar Properties fell 1.4 percent.
The Saudi market defied the trend as it continued to be buoyed by improved sentiment related to steady oil prices.
BUPA Arabia, the second most-traded stock on the Tadawul, jumped 9.9 percent. The stock has rebounded after hitting its lowest price since 2014 in late February.
Other key movers included Banque Saudi Fransi, up 1.8 percent, and Savola Group, up 2.1 percent.
Outside the Gulf, Egypt’s index continued to climb, reaching another all-time high as it benefits from the central bank’s decision to cut interest rates last month,
the first time it has done so since letting the currency float freely in 2016.
The Egyptian exchange closed at 16,384.07 points, up 2.3 percent, led by gains in the consumer and industrial sectors.