Gulf bourses start week in the red

Petrochemical shares dragged Saudi Arabia’s equity index lower in early trade on Sunday after oil prices fell 4 per cent at the end of last week, while Qatar’s main index regained some ground.

Riyadh’s main index slipped 0.3 per cent after 15 minutes of trade, with bellwether petrochemical producer Saudi Basic Industries declining 0.9 per cent.

The retail segment was also weak, with one of the largest electronics stores, Jarir Marketing, down 1.0 per cent.

Dubai’s main index fell 0.5 per cent, with losers outnumbering gainers 12-to-3. Emaar Properties, the largest listed developer, was down 0.8 per cent and Dubai Financial Market, the only listed stock exchange in the Gulf, dropped 1.5 per cent.

Profit taking on last week’s top performing shares weighed on Abu Dhabi’s index, which slipped 0.3 per cent. Abu Dhabi National Energy lost 1.9 per cent.

But Qatar’s index, which was down 1.2 per cent in a volatile week, added 0.2 per cent.

Some stocks, which are now members of the FTSE secondary emerging market index climbed, with Ezdan Holding Group adding 1.3 per cent.

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