MIDEAST STOCKS-MSCI shares pose main drag on Gulf as global markets skid

Thu May 18, 2017 2:09pm GMT

* MSCI emerging market shares weigh on Dubai, Qatar, Egypt

* Saudi slips but ends week with modest gain

* Saudi trading volumes shrinks by half

* Trump visit not expected to move market

* Saudi Q1 aggregate income up but many valuations stretched

By Celine Aswad

DUBAI, May 18 (Reuters) - Stock markets in the Middle East most exposed to foreign fund flows followed global shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week.

Dubai's index lost 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 percent and Emaar Properties fell 0.8 percent.

Members of the MSCI emerging market index were also weak in Abu Dhabi, with First Abu Dhabi Bank losing 0.4 percent and telecommunications operator Etisalat down 0.3 percent. The index closed 0.3 percent lower.   Continued...

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