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Saudi Arabia, Qatar Stocks Slump
Saudi Arabia, Qatar Stocks Slump

Saudi Arabia, Qatar Stocks Slump

Saudi Arabia, Qatar Stocks Slump

Saudi Arabia’s stock index dropped over 2% over concerns about lack of liquidity in the market. Qatar’s main equity index also slumped 4%.
The Tadawul All-Share Index plunged 2.05% to close below 6,000 at 5,935.96 points, only 25 points shy of the technical support on the August low, Albawaba reported.
Commenting on the development, Asim Bukhtiar, head of research at Saudi Fransi Capital, said: “Lack of catalysts and breach of psychologically important 6,000 level is pressuring the market.”
He added: “The market is bracing for further tightening measures and potentially lackluster 3Q results.”
Uncertainty over further austerity hit the investor sentiment, according to local media.
The value of traded shares reached SR2.75 billion ($733.18 million) on Monday compared to SR1.65 billion on Sunday.
Energy and utility index was down 4.01% and petrochemical industries index went lower by 0.65%.
Saudi Kayan Petrochemical dropped 3.1% and the largest Islamic bank Al Rajhi Bank dropped 3.1%.  
The insurance sub-index, usually favored by local retail traders, fell 4.1%.
Meanwhile, Qatar’s main equity index slumped 4% ahead of the additions of some companies in FTSE’s secondary emerging market index, while Saudi Arabia dropped as investors grew weary of further austerity expected to come into effect next month.
Doha suffered from its largest single day drop since January in the heaviest turnover so far this year.
Shares in companies set to be included in index compiler FTSE’s secondary emerging market index on Sept. 20 were the top losers, with mobile phone operator Ooredoo and Islamic lender Masraf Al Rayan each falling 5.1%.
Fund managers said the correction was expected as the rally in anticipation of inclusion in the FTSE index had taken some company valuations above fair value.

 Dubai Steadies, Egypt Climbs
Global stocks drew support from expectations that the US Federal Reserve would skip a chance to raise rates this week and this helped support Dubai’s index, which attracts foreign investors.
The index held onto small gains and added 0.04%, with gainers outnumbering losers 13 to 10. The largest listed developer Emaar Properties added 0.4%.
But some shares which have been outperforming over the last two sessions pulled back, with GFH Financial Group dropping 2.9% and Shuaa Capital declining 0.6%.
But in Abu Dhabi, the equity index dipped 0.1% with main drag from large-cap lenders. Union National Bank fell 3.9% and Abu Dhabi Commercial Bank lost 0.6%.
In Egypt, the main index rose 0.7% as two-thirds of the most valuable stocks advanced. Shares favored by foreign funds were some of the top performers, with Global Telecom Holding jumping 4%.
In Bahrain, the index rose 0.6% to 1,135 points and in Oman, it declined 0.3% to 5,763 points.

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