Major Gulf shares fall, DEWA rises 20% on debut | Reuters

Major Gulf shares fall, DEWA rises 20% on debut | Reuters

Major Gulf bourses fell on Tuesday, tracking muted global sentiment, while shares in Dubai Electricity and Water Authority (DEWA) jumped about 20% on their market debut.

Oil prices edged higher after concerns over demand pressure in China eased once Shanghai said that more than 7,000 residential units had been classified as lower-risk areas with no new infections reported for 14 days. read more

Asian shares were mostly weak, while the U.S. dollar held strong ahead of U.S. inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve.

DEWA shares rose to 2.98 dirhams ($0.8114), up from the issue price of 2.48 dirhams per share in its $6.1 billion initial public offering (IPO), the region's biggest since Saudi Aramco (2222.SE). read more

Investors had been flocking to Dubai since the subscription began last month, but DEWA's stellar debut was not able to lift sentiment on Tuesday, with Dubai's main share index (.DFMGI) down 0.7%.

Real estate giant Emaar Properties (EMAR.DU) was the top drag, with its 1.5% fall.

In Abu Dhabi, the index (.FTFADGI) was down 0.3%.

Saudi Arabia's benchmark index (.TASI) rose 0.3%, with state-run Saudi Aramco (2222.SE) trading flat.

The Qatari index (.QSI) fell 1.1% after rising for the previous six sessions.