Gulf bourses open weak on a soft note

08/02/2016 07:34 AST

Shares across the Arabian Gulf began the week quietly after global equities and oil prices drifted lower last week.

The S&P 500 fell by 1.8 per cent on Friday, prompting weakening prices across Europe, as the number of US jobs created in January fell far below expectations, raising concern about US economic growth.

Such concerns also played on oil prices, with Brent futures finishing the week at US$34.06 per barrel, after hitting $35.69 on Thursday.

Abu Dhabi's headline index slipped by 0.9 per cent to 4,103.27. FGB and Etisalat, between them representing more than half of the index's weighting, fell by 1.7 and 0.9 per cent respectively.

Invest Bank shed 5.6 per cent to Dh1.51, after the Sharjah-based lender announced a 30 per cent drop in annual profits. Shares in Dubai ended the day 0.6 per cent lower at 3,037.33, even as index bellwether Emaar Properties rose.

The developer's shares closed up 0.9 per cent at Dh5.45 after Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, approved plans for a new tower, designed by the Spanish architect Santiago Calatrava. It will form the centrepiece of the Dubai Creek Harbour district.


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