Most Gulf markets retreat; Dubai leads declines

Most major Gulf markets traded lower in early trading on Wednesday and are set to break the winning run spurred by the news on the progress in the development of COVID-19 vaccine and subsequent potential global economic recovery.

The Saudi, Dubai and Abu Dhabi markets have all gained in three successive sessions after the vaccine news on Monday, but now are on track to close the week with a session of losses.

Saudi Arabia's benchmark index lost about 0.3%, with lender Al-Rajhi and oil behemoth Aramco shedding 0.4% and 0.3%, respectively.


Elsewhere, Dubai's main share index fell 1.2%, with property stocks among major decliners. Emirates NBD Bank , however, was the top loser, shedding about 2% in the morning.

Blue chip developer Emaar Properties dropped 1.7%, while its unit Emaar Malls retreated 3.5%.

Dubai's largest listed developer Emaar Properties on Wednesday's after-market reported a near halving in profit for the first nine months of the year.

The London Bullion Market Association, the world's most influential gold market authority, is threatening to stop bullion from countries including the United Arab Emirates entering the mainstream market if they fail to meet regulatory standards, a letter seen by Reuters showed.

Carrier Emirates lost $3.4 billion in the first six months of the year, tipping the Dubai state-owned airline's holding company into its first half-year loss in more than thirty years.

The Abu Dhabi index edged down about 0.1%, dragged mainly by a 0.3% fall in telecom operator Etisalat .

In Qatar, the index inched down about 0.1%, with financial stock Masraf Al Rayan losing nearly a percent.