GCC equity markets mixed, Dubai leads gainers

Dubai - Saudi Arabia's Tadawul, the largest bourse in the region, opened lower on Monday due to delay in Opec+ talks.

The GCC equity markets were trading mixed on Monday with Dubai leading the gainers.

After dipping initially at the opening of the trade, Dubai Financial Markets jumped 1.2 per cent. Out of 25 shares, 16 were gainers, eight losers and one was unchanged. Abu Dhabi Securities Exchange was down by 0.25 per cent, impacted by the fall in oil prices and delay in talks between Saudi Arabia and Russia.

Saudi Arabia's Tadawul, the largest bourse in the region, opened lower on Monday due to delay in Opec+ talks. It was down 0.1 per cent to 6,747.28 points. Qatar Stock Exchange was up 0.64 per cent while Boursa Kuwait rose one per cent to 5,110 points. Muscat Securities Market was nearly unchanged.

Analysts believe that regional markets will follow price trends in oil prices and Opec+ talks taking place this week. But delays in talks worries investors that the oil production cut talks of Opec+ could collapse. The US president Donald Trump last week tried to persuade the oil producing countries to agree on around 10 million cut in output.

Oil price was down two per cent to $27.77 while Brent fell 1.5 per cent to $33.61 on Monday.

waheedabbas@khaleejtimes.com