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Gulf markets mixed amid global volatility

Gulf stocks were mixed on Thursday in reaction to continued volatility in global markets as investors worry over a potential new US recession.

The Dubai Financial Market index, which dropped more than one per cent at the opening, managed to climb back to the green, closing 0.21 per cent up at 1,464.00 points.

The leading shares of Emaar Properties which slipped 1.43 per cent in morning trade, reduced its losses to 1.08 per cent.

DFM closed 1.15 per cent up on Wednesday, after profit-taking reduced its pace of recovery after being mostly in the red since the trading week began.

Meanwhile, the general index in Abu Dhabi failed to recover, closing 0.59 per cent down at 2,587.22 points.

Real estate shares led the losses, falling 1.89 per cent, while energy shares dropped 1.7 per cent.

The Muscat Securities Market in Oman, which was the only Gulf market to drop on Wednesday, also remained in the red on Thursday, closing 0.57 per cent down at 5,848.72 points.

Qatar Exchange, the second-largest Arab bourse after the Saudi market which remains closed on Thursday, also closed 0.25 per cent down at 8,107.47 points.

Asian stocks traded lower on Thursday after stock markets in the US and Europe plunged over fears of a potential global economic recession. European markets reversed their losses at opening on Thursday, but some took a dive back into the red.

US stocks plummeted more than four per cent on Wednesday, more than wiping out the gains of Tuesday’s rebound as European debt troubles and worries of a new US recession kept investors nervous.

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