A semi-collective decline in the Gulf stock exchanges, led by Dubai

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Most of the Gulf stock markets closed lower on Tuesday, led by Dubai for the second consecutive session.

Tracing the impact of global markets that are in a state of confusion as the crisis of the Chinese real estate giant “Evergrand” escalates.

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The decline in the Gulf markets came despite recording notable gains in crude oil prices, which have a strong impact on the economies of the region.

By 12:33 (GMT), Brent crude contracts for November delivery rose 67 cents, or 0.91 percent, to $74.59 a barrel.

US West Texas Intermediate crude contracts for November delivery also increased by 67 cents, or 0.96 percent, to $70.81 a barrel.

The Saudi market index fell 0.11 percent to 11,315.8 points.

The losses were led by the shares of the logistics company “Batik”, “Naseej” and “Emaar the Economic Zone”, declining by 3.15 percent, 3.09 percent, and 1.79 percent, respectively.

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In the UAE, the Dubai Stock Exchange index fell 1.2 percent to 2837.5 points.

Losses were led by “Emirates NBD” and “Emaar”, down 1.77 percent and 1.2 percent, respectively.

The Abu Dhabi market index rose by 0.11 percent and closed at 7754.3 points.

The most prominent gainers were “TAQA” and “First Abu Dhabi Bank”, which rose by 2.4 percent and 0.22 percent, respectively.

The Qatar Stock Exchange index fell by 0.31 percent to 11143.4 points, and the shares of the petrochemical producer “Mesaieed” led losses for the third session, down by 2.32 percent.

The shares of Qatar First Bank and Qatar National Bank fell by 2.01 percent and 0.42 percent, respectively.

The first index in the Kuwait market decreased by 0.31 percent to 7485.3 points.

Losses were led by “Kuwait Hotels”, down by 8.7 percent, and the National Bank of Kuwait fell by 0.83 percent.

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The Muscat Stock Exchange index fell by 0.62 percent to 3920.9 points.

Losses were led by “Aluminum Products” and “International Investments”, declining by 4.76 percent and 3.08 percent, respectively.

The Bahrain index also lost 0.21 percent and closed at 1686.6 points.

The main losers were the shares of “Al Baraka Banking” and Ahli United Bank, down by 0.34 percent and 0.11 percent, respectively.