Gulf shares drop following global uncertainty over US polls

Arabian Gulf shares ended lower on Wednesday in line with global equity indexes, as new polls suggested a closer than expected result in next week’s US presidential elections.

Shares in Asia fell following a sell-off of US stocks on Tuesday, the Nikkei closing 1.7 per cent lower and the Hang Seng off 1.4 per cent. The Euro Stoxx 50 was down around 0.7 per cent late today afternoon.

Oil prices fell on rising US inventories and export boosts by Libya and Nigeria. Brent crude futures dropped to their lowest level in a month, trading down 1.4 per cent at US$47.44 per barrel in the afternoon.

The Dubai Financial Market General Index ended a quiet day 0.9 per cent lower at 3,291.52.

Emaar Properties closed 1.6 per cent lower at Dh6.75, while DIB fell 1.35 per cent to Dh5.12.

Shares in Amanat closed 1.15 per cent lower at 86 fils, after the investment firm announced it had appointed Dawod Al Ghoul as its new chief financial officer, following the resignation of Kanhaiya Rati.

The Abu Dhabi Securities Exchange General Index had its worst day in more than two weeks, closing down 1 per cent at 4,264.50.

Etisalat and FGB led the sell-off among big-name stocks, closing 1.6 per cent and 1.3 per cent lower, with Aldar Properties and NBAD also falling.

Shares in Agthia ended the day unchanged at Dh6 after the food producer’s profit growth slowed to 1.1 per cent during the third quarter.

The Qatar Exchange led losses across the Arabian Gulf, closing 1.26 per cent lower. In Saudi Arabia, the Tadawul lost 0.1 per cent.

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