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Tuesday, 21 January 2020

Gulf stock markets weak after oil falls sharply, UAE outperforms

Reuters , Tuesday 10 Jan 2017
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Stock markets in Gulf were weak in early trade on Tuesday with Saudi Arabia's index heading for its third straight session of declines after oil prices fell to three-week lows overnight.

The Riyadh index <.TASI> was down 0.5 percent after 35 minutes; 12 of the 14 listed petrochemical shares declined after Brent crude futures <LCOc1> retreated 4 percent on Monday. The biggest petrochemical producer, Saudi Basic Industries <2010.SE>, fell 0.3 percent.

Telecommunications operator Zain Saudi <7030.SE> fell 1.2 percent after announcing it would not appeal a 219.5 million riyal ($58.5 million) judgement against it in a legal dispute with rival Mobily <7020.SE>. Zain said the payment would have no impact on its financials as it already booked provisions.

Mobily <7020.SE> was down 1.4 percent after the company announced it had appointed Ahmed Abdelsalam Abdelrahman to replace chief executive Ahmad Farroukh.

Qatar's index <.QSI> fell 0.3 percent with petrochemical producer Industries Qatar <IQCD.QA> pulling back 1.6 percent.

Dubai's index <DFMGI> edged down only 0.3 percent to 3,711 points as some of the top gainers from the previous session were sold. Ajman Bank <AJBNK.DU>, which jumped 7.8 percent on Monday, retreated 3.0 percent.

The index is technically bullish after confirming a break in the last two days above resistance at the mid-December peak of 3,659 points. That level is now support.

In neighbouring Abu Dhabi, the index <.ADI> was flat with some large-cap banks making small gains. National Bank of Abu Dhabi <NBAD.AD> was up 0.5 percent.

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