UAE- Middle East markets dip on Iran concerns

(MENAFN- Khaleej Times) Middle East stock markets moved down in line with global emerging markets and because of persisting geopolitical tensions, as the risk of the United States pulling out of the Iran nuclear deal looms.

The Saudi Arabian index was in negative territory most of the day but closed up 0.1 per cent as some selective buying for blue-chip stocks such as Al Rajhi Bank, up 0.8 per cent, and Saudi Arabia Mining (Ma'aden), up 2.4 per cent, offered support.

Ma'aden shares soared almost 3 per cent in early trade after it said its first-quarter net profit had more than doubled on higher sales and increased average realised prices of products.

The Saudi exchange has eased off from a more than 2-year high hit last week and has been consolidating at current levels.

Markets were soft across the rest of the region.

The Egyptian index closed 1.9 per cent down, with shares across various sectors posting losses of up to 5 per cent. Back in the Gulf, Dubai and Abu Dhabi dropped on Thursday, as in addition to emerging market weakness, some "pre-Ramadan selling" started, said Vrajesh Bhandari, portfolio manager at Al Mal Capital.

Dubai lost 1.8 per cent, dragged down by Emaar Properties, which shed 3.7 per cent.

In other Gulf markets, Kuwait climbed 0.3 per cent, Bahrain edged up 0.2 per cent and Oman shed 0.1 per cent. Qatar fell 1.7 per cent.

MENAFN0405201800490000ID1096810609