Sunday 1 November 2020

Mideast Stocks- #Dubai leads major Gulf markets lower in early trade | ZAWYA MENA Edition

Mideast Stocks-Dubai leads major Gulf markets lower in early trade | ZAWYA MENA Edition

Stock markets in the United Arab Emirates fell early on Sunday, with Dubai hardest hit by losses in property shares, while the Saudi index was on track to extend losses for a third session.

Dubai's main share index retreated 1.6%, as most of the stocks in the index were in negative territory including blue-chip developer Emaar Properties, which fell 2.6%.

The six-member Gulf Cooperation Council faces a steep economic contraction this year before partially rebounding in 2021, with most countries facing sharper drops than previously estimated, a quarterly Reuters poll showed.

The United Arab Emirates, which has seen a surge in new COVID-19 cases, is expected to see GDP decline 6.0% this year, grow 2.7% next year and expand 3.8% in 2022. In July, analysts expected a 5.1% decline in 2020 and 2.6% growth in 2021.

Saudi Arabia's benchmark index declined 0.7%, dragged down by a 1.2% fall in Al Rajhi Bank and a 3% drop in Dr Sulaiman Al-Habib Medical Services.

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