Mideast stocks edge down, Abu Dhabi climbs

Published: September 05, 2018 17:09:25 | Updated: September 06, 2018 19:52:33

Golf markets edged down on Wednesday as the investor sentiment was soured by fears of the potential fallout on the global economy from a likely escalation in the Sino-US trade war.

US President Donald Trump has told aides he is ready to impose tariffs on $200 billion more in Chinese imports as soon as a public comment period on the plan ends this week.

Saudi Arabia’s index was down 0.3 per cent, with Al Rajhi Bank the main contributor to the fall, slipping 0.5 per cent.

Kingdom Holding gained 1.7 per cent after the company said it received a profit of 175 million riyals ($46.7 million) from the sale of Mövenpick Hotels & Resorts.

A subsidiary of Kingdom held a 33.3 per cent equity interest in Mövenpick, prior to completion of the transaction.

In Dubai, Emaar Properties was the main drag on the index, with the stock falling 1.0 per cent. The emirate’s index slipped 0.4 per cent.

However, Abu Dhabi’s stock market rose slightly, propelled by a surge in Union National Bank as investors expected the bank to benefit from a potential merger.

Abu Dhabi’s stock index gained 0.3 pct in early trading.

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