Gulf shares mostly dip after holiday on recession fears

Most Gulf markets traded on Wednesday after a three-day Eid holiday, while Saudi Arabia and Oman’s bourses will resume trading on Sunday.

The markets reversed earlier gains as optimism over Washington delaying tariffs on some Chinese imports gave way to fears that the global economy was heading toward recession in the wake of an abrupt decline in Germany’s exports and slowing Chinese industrial growth.

Germany’s disappointing exports sent Europe’s largest economy into reverse in the second quarter as its manufacturers bore the brunt of a global slowdown amplified by tariff conflicts and uncertainty over Brexit.

China’s economy stumbled more sharply than expected in July, with industrial output growth cooling to a more than 17-year low, as the intensifying U.S. trade war took a heavier toll on businesses and consumers.

Qatar’s index was down 1.6 percent to 9,676 points, its lowest loss since August 26, 2018. Market heavyweight Industries Qatar dropped 3.9 percent while Qatar National Bank fell 2.9 percent.

In Abu Dhabi, the index fell 0.9 percent with First Abu Dhabi Bank sliding 0.9 percent, and investment firm Waha Capital plunging 6.9 percent after swinging to second-quarter loss.

In Dubai, the index went down 0.2 percent with blue-chip developer Emaar Properties and Dubai Islamic Bank both trading 0.6 percent lower.

Abu Dhabi The index shed 0.9 percent to 5,054 points
Dubai The index was down 0.2 percent at 2,832 points
Qatar The index dropped 1.6 percent to 9,676 points

 

Bahrain The index was down 0.3 percent at 1,540 points
Kuwait The index was up 0.4 percent at 6,742 points

 

Source: Reuters

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