Middle East Stocks Drop As Oil Slumps on Inventories, Global Economic Worries
Mideast shares declined as oil prices fell and Dubai weakened on property stocks.
Oil prices dropped after reports of higher inventories and forecasts of record U.S. and Russian output, coupled with global economic worries dampening demand.
Meanwhile, real estate shares in Dubai fell after Dubai inflation data released on Monday showed housing and utility costs falling 4.7% year-on-year, their biggest decline in years. DAMAC Properties hit its lowest level since February 2015.
In company news, DP World approached an Indian court to quash an antitrust investigation into its alleged anti-competitive behavior at the country’s largest container port in Mumbai, Reuters reported.
Arab Cotton Ginning said Q1 profit dropped more than 96% year over year.
Telecom Egypt said on Monday it expects revenue growth in the mid-to high single digits in 2019. The firm also expects 2018 revenue to beat guidance.
First Abu Dhabi Bank unit FAB Securities cut 8 staff members, according to Reuters.
Dana Gas said it had received $20 million from the Egyptian government. Its total receipts from Egypt reached $152 million for the year.
Saudi Company for Hardware shareholders approved a capital increase to 360 million riyals ($96 million) through a bonus share issue.
Bank Albilad’s board recommended an increase in the bank’s capital to 7.50 billion riyals from 6 billion riyals through bonus shares.
Saudi Arabia’s main index dipped 0.3% to 7,943 points, Dubia slumped 2.1% to 2,511 points, Abu Dhabi dropped 0.8% to 4,829 points, Egypt fell 0.7% to 13,121 points, Kuwait lost 0.8% at 5,358 points, Bahrain inched lower 0.4% to 1,314 points and Oman slid 0.7% at 4,379 points. Qatar was closed for a holiday.
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