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January 4, 2016 | 09:35 | Dubai
It was a rather subdued start to the year for GCC equities as volumes remained low on account of minimal participation from foreign investors. Most GCC markets closed in negative territory with the exception of the Tadawul (+0.6%). Emaar Properties dominated flows on the DFM index. The stock recovered from its intra-day lows to close only -1.6% lower. The company issued a statement that the fire accident would have no material impact on its financial position as the risk was covered by its insurance, says a report by Emirates NBD Global Markets & Treasury.
Elsewhere, the Tadawul closed higher on the back of strength in banking sector stocks with Al Rajhi and Riyad Bank gaining +1.6% and +1.9% respectively. Maaden added +2.7% after the company confirmed that it had started operations at its copper plant in joint venture with Barrick Gold.