Doha:Stock markets in the United Arab Emirates and Qatar may slip further on Monday as emerging markets continue to slide, while Saudi Arabia could again outperform.
MSCI’s broadest index of Asia-Pacific shares outside Japan is down 1.1 percent, having posted its lowest close since mid-July on Friday.
Shares in MSCI’s emerging market index were some of the Gulf’s chief losers on Monday, and that trend may continue – although losses may be relatively mild because foreign exchange pegs mean foreign investors in Gulf markets do not have to worry about currency depreciation against the U.S. dollar.
In Dubai, two construction firms may support the index after they reported narrower losses for the three months to Sept. 30.
Citing cost-cutting and higher revenue, Arabtec reported a loss of 225.5 million dirhams ($61.4 million) attributable to owners of the parent, compared with a 944.8 million dirham loss in the same period of last year.
Drake & Scull reported a loss of 46.3 million dirhams compared with a 877.8 million dirham loss a year ago.
