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MIDEAST STOCKS-MSCI EM constituents weigh on Gulf, Saudi flat ahead of Trump visit
May 18, 2017 / 9:18 AM / in 6 months

MIDEAST STOCKS-MSCI EM constituents weigh on Gulf, Saudi flat ahead of Trump visit

DUBAI, May 18 (Reuters) - 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)

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