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Arab Stocks Tumble

Arab Stocks TumbleArab Stocks Tumble

Persian Gulf Arab countries stock markets sank early on Sunday in response to Friday’s tumble on Wall Street, after US data showed the strongest annual wage growth since 2009 and raised the risk of more interest rate hikes than expected this year, Reuters reported. The Saudi index dropped 0.6% in the first hour with falling shares outnumbering gainers by a ratio of about two to one. Al Rajhi Bank fell back 1.2%. Mediterranean & Gulf Cooperative Insurance and Reinsurance plunged 7.5%. But Wataniya Insurance gained 2.8% after saying it signed a deal with National Commercial Bank to provide auto insurance for vehicles sold by the bank under its financial leasing program. Dubai’s index slid 0.8% as Emaar Properties fell 1.7%. Gulf Navigation dropped 3.7% to 1.05 dirhams as some investors sold to buy into its rights issue, which began trading on Sunday. Qatar’s index tumbled 1.9% with real estate firms particularly weak; United Development lost 3.4% and Barwa Real Estate slipped 2.9%.

 

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