(MENAFN- Khaleej Times)Gulf stocks witnessed a modest fall on Wednesday led by bourses in Dubai and Saudi Arabia in the wake of volatile equities in other parts of the world and falling gold and oil prices.
Saudi Arabia's Tadawul index lost 1.45 per cent to 7433.41 points while Dubai's benchmark index declined by 1.44 per cent to 3507.27 points. Abu Dhabi went down by 0.10 per cent to 4329.94 points while the Kuwait Stock Exchange fell by 0.36 per cent to 5814.03 points. Qatar and Muscat witnessed less than one per cent appreciation in their indices. The Dubai Financial Market recorded 424 million shares trading where 27 stocks lost values compared to total 34 scrips traded. Gulf Finance House Amlak and Arabtec emerged as top volume leaders with 81.2 million shares 78.7 million shares and 45.1 million shares trading respectively. The best performers of the session on the Dubai bourse were Shuaa Capital which rose 1.7 per cent to trade at Dh0.470 at the close. Meanwhile Dubai Islamic Bank added 0.91 per cent to end at Dh6.66 and Emaar Malls Group was up 0.74 per cent in late trade. The worst performers of the session were Takaful Emarat which fell 9.37 per cent to trade at Dh1.45 at the close. Dubai National Insurance declined 8.07 per cent to end at Dh2.62 and Takaful House was down 6.99 per cent to Dh0.532. The Abu Dhabi Securities Market witnessed 121.4 million shares trading where 16 stocks went down out of a total of 28 traded. Aldar ranked top at the market with 60.5 million shares followed by First Gulf Bank's 31.7 million shares and etisalat's 20.7 million shares. The top performers on the ADX were Abu Dhabi National Energy which rose 7.84 per cent to Dh0.550; Finance House which was up 6.79 per cent to settle at Dh2.99; and RakBank which gained 3.56 per cent to close at Dh6.99. The worst performers were Arkan Buildingwhich was down 10 per cent to 0.90 in late trade; ADSB which lost 10 per cent to settle at Dh3.15; and Green Crs Ins which was down 8.93 per cent to Dh0.510 at the close. Asian stocks closed mixed after a choppy session on Wednesday where investors seen selling off Chinese stocks despite an interest rate cut. Tokyo surged 3.2 per cent to close at 18376.83 points - rebounding from a six-month low in the previous session after their worst two-day plunge since 2011. Shanghai fell 1.27 per cent to 2927.29 points after a day that saw it veer wildly between losses and gains of around four per cent while Hong Kong lost 1.52 per cent to close at 21080.39 points. Indian markets too witnessed a selloff in the last hour on the Chinese slide as well as poor European opening. European markets opened lower and were marginally down as at Press time. "We feel that the European and US markets would see some respite and close with marginal gains. Indian markets are expected to open flat [today]" LuLu International Exchange head of treasury Nagesh Prabhu said in a note. -
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