Most Gulf bourses tumble

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This trio have now declined for six of the past seven sessions, each suffering double-digit declines over this period. Saudi Arabia lost 2.3 percent to slide to an eight-week closing low. Kuwait edged higher, but Oman and Bahrain declined.

Shuaa Capital plunged 9.2 percent after ratings agency Moody’s downgraded its long-term foreign and local currency issuer ratings in response to the firm’s ongoing dispute with Dubai Banking Group over a $ 409m convertible bond. DBG said that it was starting legal proceedings. Emaar Properties fell 8.8 percent, which means it has lost more than a quarter of its value in a little over a week.

“I expect the UAE markets to move higher before the end of the week and I would expect weakness on the open to be seen as an opportunity rather than cause for panic,” said Matthew Wakeman, EFG-Hermes managing director for cash and equity-linked trading. Between March 9 and June 14, Qatar’s index surged 70 percent, Saudi Arabia and Dubai each increased by more than a third and the Abu Dhabi, Oman and Kuwait benchmarks all made double digit gains.

 

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