Early weakness in Asian shares, lower oil prices and profit-taking ahead of the Islamic Eid Al-Fitr holiday sent most Gulf Arab bourses lower on Monday. Banks and real estate shares weighed on Dubai and Abu Dhabi as both bourses fell for a second day to test key support levels. In Dubai, the benchmark fell 1.8 percent to 1,993 points Abu Dhabi's index fell 0.8 percent to 2,994 points. RAK Bank dropped 6.8 percent. In Qatar, the country's main measure fell 0.8 percent to 7,075 points. In Kuwait, the benchmark declined 0.4 percent to 7,652 points. In Oman, Muscat's measure eased 0.3 percent to 6,555 points. However, Saudi Arabia's benchmark Tadawul All-Share Index ended 0.06 percent higher at 5,821.08 points. The Bahrain index also rose 0.3 percent to 1,520 points. Egypt's benchmark fell 1.4 percent to 6,634 points. “Weak Asian markets and a declining price of crude should temper the ‘euphoria' of the last two days here in Saudi Arabia. We do however remain upbeat about the prospects for the TASI in Q4 and beyond,” said a trader at an international brokerage. The market is closed next week for a religious holiday. “It's a very technical move we're seeing ... Dubai is testing the 2,000 point level and Abu Dhabi 3,000 points,” said Haissam Arabi, chief executive and fund manager at Gulfmena Alternative Investments in Dubai. Dubai was the region's biggest loser falling 1.8 percent led by Emaar Properties which fell for a second day, while Aldar Properties and Sorouh Real Estate weighed on Abu Dhabi, declining 2.4 percent and 3.1 percent respectively. “Markets have had to take a breather after recent rallies. We're also approaching Eid when markets will be closed for most of next week, so people are trying to take profits,” said Shahid Hameed, head of asset management, GCC, at Global Investment House in Kuwait.
