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GCC Market Snapshot: Stocks Finish Mixed

January 2016

January 12, 2016 | 10:45 | Dubai

GCC markets closed mixed on Monday. The TASI rose 1.4% on Monday to 6,177 points, led by gains in all sectors, except Retail and Media & Publishing. DFM fell 0.7% on Monday to 2,942 points. ADX lost 1.4% to settle at 4,086 points due to strong selling of leading stocks and global market volatility impacting investor sentiment. QSE ended flat on Monday to close at 9,672 points. MSM30 inched down 0.5% on Monday to 5,337 points. BSE gained 0.6% on Monday to 1,199 point, according to a report by Global Investment House (Global).

KSE’s price index retreated 0.6% to close at 5,387 points on Monday. The weighted index edged 0.4% lower to 365 points. The Consumer Services sector led gainers (up 0.4%), whereas the Real Estate sector was the biggest loser (down 2.0%). Among stocks, Contracting and Marine Services was the best performer (up 9.6%), while both Al Dar National Real Estate and Marakez declined the most (down 10.2%). Globally, US markets closed mixed on Monday, stabilizing after their worst week since 2011 as declines in commodity prices weighed. European markets closed lower on Monday owing to investor concerns over commodities and continued sell-off of Chinese equities. Crude oil prices further declined on Monday with prices declining to new 12-year lows, as equities continued to retreat amid concerns over global economies. Prices eased 5.3% to close at USD31.4 per barrel on the NYMEX, the Global report said.

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