Most Gulf stocks edge lower as trade lacks impetus over investors' concern on the health of the world economy. The Saudi Tadawul All Share Index (TASI) was down 2.42 percent to 5,770.95 points, its largest one-day reverse for eight sessions. TASI declined to 5.5 percent on Monday. Of the major Saudi companies, Saudi Telecom Co (STC) was down 0.49 percent at SR50.75 and mining group Ma'aden was down 0.33 percent at SR15.00. The Dubai Financial Market DFM could not sustain its positive momentum from Sunday, closing 1.43 percent lower at 1,709.80. Emaar, after gaining over 12 percent on Sunday, dipped 2.37 percent on profit booking. The DFM stock itself lost 3.08 percent. However, the DFM showed signs of edging back today by 0.35 percent to reach 1,715.70 at 11.04 A.M. local time. The Abu Dhabi Securities Exchange was down 0.42 percent at 2,611.62. The DFM is the only Arab market with public listed shares, apart from the Nasdaq Dubai whose mother company Nasdaq OMX is listed in Dubai and New York. With the earnings season for the first quarter being over, it seems the market currently lacks impulses. Emaar Properties, the bellwether of the DFM lost 2.37 percent in morning's trading, giving up more of its earlier gains, to reach AED2.88. In Abu Dhabi, Etisalat was down 0.20 percent at AED9.95 and ALDAR Properties was down 1.55 percent at AED3.82. In Qatar, the DSM was down 0,64 percent to cross back below the 6000 mark at 5,914.23. The gainers were the Kuwait Stock Exchange which edged up 0.04 percent to 7,887.90 and the Bahrain Stock Exchange which was up 0.60 percent to 1,639.79.
