MIDEAST STOCKS-Most Gulf markets drop, Dubai leads losses - Reuters:
Most Gulf markets fell on Sunday, pulled down by
financial shares, while Dubai’s stock market unperformed regional peers as its
top lender Emirates NBD broke a four-day winning streak.
Dubai's index closed 0.7% lower with Emirates NBD falling 2.9%.
The bank's shares have risen in recent sessions after NBD raised its foreign
ownership limit to 20% from 5% and announced its intention to further hike the
limit to 40% in future.
Dubai's developers also weighed on the index as DAMAC Properties
and contractor Arabtec Holding both shed 1.2%.
Dubai house prices are expected to decline sharply this year and next as a
slowdown in the economy and an oversupply of housing units pose big downside
risks to their already weak outlook, a Reuters poll found.
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