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MIDEAST STOCKS Most Gulf bourses drop in early trade

Dubai- Massader News

Most major stock markets in the Gulf were subdued on Sunday, pressured by Friday’s fall in oil prices after a weaker than expected U.S. jobs report indicated a patchy economic recovery from the COVID-19 pandemic, according to Reuters.

Brent crude futures settled fell by 42 cents, or 0.6%, to $72.61 a barrel.

In Abu Dhabi, the stock market index (.ADI) dropped 0.5% as telecoms company Etisalat (ETISALAT.AD) fell by 1.9% to remain on track to extend losses for a third session.

Meanwhile, Abu Dhabi removed the need to quarantine for all vaccinated travellers arriving from international destinations from Sunday.

Saudi Arabia’s benchmark index (.TASI), however, traded flat in a choppy trade.

The kingdom’s non-oil private sector continued to grow in August but lost momentum with a sharp drop in output growth, a business survey showed.

Dubai’s main share index (.TASI) eased by 0.1%, with Emirates NBD Bank (ENBD.DU) down 0.4% while budget airline Air Arabia (AIRA.DU) added 0.3% after Friday’s announcement that it would launch a low-cost carrier in partnership with Pakistan’s Lakson Group to serve domestic and international routes from Pakistan.

The new carrier, Fly Jinnah, will operate as a joint venture, the companies said in a statement, adopting the low-cost model operated by Air Arabia.

The Qatari benchmark (.QSI) lost 0.1%, with petrochemicals company Industries Qatar (IQCD.QA) dropping 0.6%.

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