Gulf stock markets mixed, Dubai’s Shuaa loses steam at early trade

Big 5

Gulf stock markets were mixed in early trade Sunday with most shares moving little, as Dubai’s Shuaa Capital lost steam after soaring last week.

Shuaa rose more than 7 percent in the opening minutes of trade on Sunday but after 75 minutes was flat. On Thursday the stock, which has rebounded from a record low hit earlier this year, soared the 15 percent daily limit in its heaviest trading volume since at least 2002.

In a statement to the exchange on Sunday, Shuaa said it had held a routine board meeting on Thursday but “did not resolve any material matter” at the meeting. It did not elaborate.

Dubai’s stock index fell 0.9 percent to 3,288 points, approaching technical support on its mid-March low of 3,253 points. Dubai Parks & Resorts pulled back 2.9 percent.

Abu Dhabi’s index edged down 0.1 percent with most of the 10 most active stocks barely changed.

Qatar also edged down 0.1 percent but Mesaieed Petrochemical surged 3.7 percent. Al Khalij Commercial Bank rose 1.8 percent after the Qatar Central Securities Depository said it had raised the maximum foreign ownership percentage in the stock to 49 percent of capital from 25 percent – though actual foreign ownership is currently only 10.95 percent.

Source: Reuters