By Ateeq Shariff
April 18 (Reuters) - Stock markets in the Gulf ended
lower in thin trade on Tuesday, as long-term equity investors
stayed on the sidelines ahead of the Eid al-Fitr holidays due
this week, although the Kuwaiti index bucked the sombre trend to
close the session higher.
Dubai's main share index eased 0.1%, with blue-chip
developer Emaar Properties slumping 1% to lead the
losses.
In Abu Dhabi, the index dipped 0.1% to snap a
six-day winning streak, with the United Arab Emirates' biggest
lender First Abu Dhabi Bank losing 0.3%.
The Abu Dhabi market saw downward pressure after more than a
week of upbeat performances as traders try to secure their
gains, said Daniel Takieddine, CEO MENA at BDSwiss.
"Oil prices' failure to pick up also weighed on the market."
Oil - a key catalyst for the Gulf's financial markets - fell
for a second day as upbeat Chinese economic data failed to
deflect the focus from a possible increase to U.S. interest
rates and wider concern about the growth outlook.
Crude prices were also pressured by the Iraq federal
government and Kurdistan Regional Government (KRG) taking a step
towards a resumption in northern oil exports from the Turkish
port of Ceyhan after they were halted last month.
The Qatari index dropped 0.5%, led by a 1.3% fall in
shares of Qatar Islamic Bank and a 3.5% decline in
Qatar International Islamic Bank .
Outside the Gulf, Egypt's blue-chip index , which
traded after a two-session break, finished 0.8% lower, with
Commercial International Bank tumbling 6.7%, while
Telecom Egypt slid 3.8% as the firm traded
ex-dividend.
According to Takieddine, the Egyptian market saw strong
price corrections after failing to rise above this year's peak.
"The main index was recording some selling pressures and low
volumes from international investors while trading volumes
accelerated among local investors."
** Saudi Arabia was closed for a public holiday.
ABU DHABI lost 0.1% to 9,638
DUBAI eased 0.1% to 3,512
QATAR dropped 0.5% to 9,952
EGYPT fell 0.8% to 17,539
BAHRAIN was flat at 1,884
OMAN down 0.5% to 4,749
KUWAIT added 0.3% to 7,901
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sherry
Jacob-Phillips)
