UPDATE 1-MIDEAST STOCKS-Gulf equities mostly down, lack direction ahead of holiday | Reuters:
Gulf equity markets were mostly flat to lower on Thursday, lacking momentum ahead of a long holiday next week when markets will mostly be closed for the Muslim festival of Eid al-Adha.
In the absence of strong catalysts, Gulf stocks passively tracked emerging assets, which languished in bear market territory as the dollar held strong.
“Given a more nervous global backdrop for risk assets and an increase in volatility within emerging markets specifically, it’s unsurprising Gulf equities are softer,” said Akber Khan, senior director of asset management at Al Rayan Investment.
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