Gulf stock markets were mixed in early trade on Wednesday after a global sell-off in sovereign bonds spooked equity investors.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.0 per cent on Wednesday after European and US indexes declined and bond yields jumped.
Those concerns appeared to have offset any potential boost to Gulf sentiment from Brent oil hitting a new high of $68.67 per barrel.
Dubai’s stock index fell 0.9 per cent on Wednesday morning to 4,033 points as most stocks declined. The benchmark is approaching strong technical support around 4,000 points, where it peaked repeatedly between December and February.
Abu Dhabi’s market slipped 0.3 per cent as energy firm Dana Gas, which this week reported a 73 per cent drop in first-quarter profit, dropped 4.2 per cent.
Qatar’s bourse inched up 0.1 per cent, while markets in Kuwait and Oman were nearly flat.