DUBAI May 18 Stock markets in the Gulf most
exposed to foreign fund flows followed global shares lower in
early trade on Thursday, while the Saudi Arabian index,
dominated by local investors, barely moved.
Dubai's index was down 0.5 percent as most shares
that are constituents of the MSCI emerging market index dropped.
DXB Entertainments lost 2.6 percent and Emaar
Properties was down 0.9 percent.
Members of the MSCI emerging market index were also weak in
Abu Dhabi, with First Abu Dhabi Bank and Aldar
Properties each dropping 0.9 percent. The index was
down 0.5 percent.
In Qatar, all 11 of the MSCI emerging market index shares
were down, with Commercial Bank declining 1.6 percent.
Saudi Arabia's index, however, held onto a gain of
0.1 percent as 38 shares rose and 104 declined. A little under
half of the top 20 most valuable companies rose with Saudi
Arabian Mining up 1.7 percent.
U.S. President Donald Trump is due to visit Saudi Arabia in
coming days and some investors hope deals could be signed
between Saudi and American companies in the mining, energy, auto
and defence sectors. Most announcements from the meeting,
though, are expected to be about previously revealed deals or
memorandums of understanding rather than concrete new projects.
(Reporting by Celine Aswad; Editing by Andrew Torchia)