Mideast Stocks: Gulf mostly subdued as Emaar hits Dubai on weak outlook

Mideast Stocks: Gulf mostly subdued as Emaar hits Dubai on weak outlook

Most Gulf stock markets fell on Monday as blue-chip Emaar Properties dragged down Dubai despite PMI pointing a solid non-oil private sector growth in UAE and Saudi Arabia in August.

Saudi Arabia's non-oil private sector expanded in August at its fastest rate since October last year, as business activity was boosted by improving demand conditions, a survey showed on Monday.

A similar survey in UAE showed non-oil private sector grew in August at its fastest pace since June 2019, boosted by better demand and lower selling prices, though sentiment about the future slipped to a 17-month low.

Saudi Arabia's benchmark index fell 0.3%, with Al Rajhi Bank easing 0.6% and Saudi National Bank decreasing 1%.

In Dubai, the main share index tumbled 1.3%, extending the losses for four straight session. Developer Emaar Properties dropped 3.3%, its biggest fall in two month, while Emirates NBD Bank slid 0.8%.

A Reuters poll of property market analysts showed property prices in Dubai will rise this year and next at a slower pace than previously thought as higher mortgage rates and the cost of living crisis will reduce foreign demand.

Most of the analysts said the recovery was fragile and uneven, and an oversupply of residential properties along with rising