Declining shares outnumbered advancing ones in the ratio of 18 to three. Dubai’s benchmark ended in red with Construction firm, Drake & Scull down 2.2%. Chubb Arabia Cooperative Insurance fell 0.8% after it said it would not distribute a cash dividend for 2016. Solidarity Saudi Takaful slumped 5.6% after the regulator suspended its right to issue health insurance policies. Insurance sector also fell on the back of profit booking following Sunday’s rally. Saudi Arabia’s benchmark index was down 0.5%, weighed by Petrochemical stocks, which ended in red tracking lower oil prices. In Asia, Hang Seng surged 0.8%, buoyed by China Shenhua Energy Co, which gained after announcing a special dividend. Banking sector was also a drag on the broader index as sector heavyweight, Deutsche Bank AG fell to its lowest in 2017 after saying it will raise EUR 8.0bn by selling stock at 35% discount to last week’s closing price. The Stoxx Europe 600 Index fell 0.2% with Energy stocks down for the first time in 4-days due to lower crude prices. Lower yields however benefited rate sensitive Real Estates stocks.
S&P closed 0.2% lower, with Financials leading the decliners, amidst a continued fall in yield.
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US and European indices retreated amid concerns about G20 financial leaders' decision to drop a pledge to keep global trade free and open.
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