MIDEAST STOCKS-Dubai market down on profit taking, other markets mixed [Reuters]
Morgan Stanley (MS)
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Source: Reuters
MIDEAST STOCKS-Dubai market down on profit taking, other markets mixed | Reuters Reuters Staff 4 Min Read * Dubai closes down, ending two-day rally * Jabal Omar pulls Saudi down * Abu Dhabi, Qatar close higher but volumes remain weak By Marwa Rashad RIYADH, May 23 (Reuters) - The Dubai market closed lower on Wednesday, ending a two-day rally as investors took profit on a select number of stocks, while blue chips led by Jabal Omar pushed the Saudi market into weaker territory. Other markets were slightly higher, but volumes were generally low during the Muslim fasting month of Ramadan. The Saudi index was down 0.1 percent, with 98 declining stocks out of 181 stocks traded during the session. Real estate developer Jabal Omar dropped 3.7 percent. The stock jumped 6.1 percent on Sunday, after announcing an agreement with Albilad Capital to sell 90 housing units for 1.1 billion riyals ($293 million). Al Rajhi Bank slipped 0.6 percent to 82.8 riyals ($22.1). Morgan Stanley cut the bank’s pr
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MS
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