Gulf bourses drop, following global shares lower

Gulf stock markets tumbled in early trade Tuesday, erasing the prior session’s gains as risk appetite diminished following a slump in global shares.

Dubai’s index fell 2.2 percent with blue chips Emaar Properties and Emirates NBD, Dubai’s largest bank by market value, each tumbling more than 3.0 percent.

Abu Dhabi’s benchmark was down 0.4 percent after closing flat on the previous day; large-cap lender First Gulf Bank fell 0.9 percent. Dana Gas retreated 2.1 percent after gaining for three days.

But Kuwait Food Co (Americana) jumped 4.6 percent after rocketing 10.0 percent on Monday. The food company said its board had agreed to give a Gulf-based investment firm 60 days to carry out due diligence for the acquisition of a controlling stake in the company. Kuwait’s main index edged down 0.4 percent.

Qatar’s bourse is closed for a public holiday.

Source: Reuters