Middle East Stocks Mostly Drop, Eyes on MSCI Index Decisions
MidEast shares mostly fell, with Saudi stocks losing ground on profit taking ahead of MSCI's decision Wednesday on whether to include Saudi Arabia and its $526 billion bourse in its emerging market indexes.
Meanwhile, some said outflows from emerging markets exchange traded funds weighed on the Qatari index amid withdrawals from those funds over the Eid holidays on concerns about a strong dollar.
In company news, Air Arabia said exposure to Abraaj would have no material impact on its operations and liquidity.
Saudi Arabia's main index slumped 1.3% to 8,166 points, Dubai dropped 0.6% to 2,923 points, Abu Dhabi dipped 0.3% to 4,550 points, Qatar declined 2.4% to 8,882 points, Kuwait firmed 0.2% to 4,815 points, Bahrain shed 0.5% to 1,301 points, Egypt rose 0.5% to 16,143 points and Oman was mostly unchanged.
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