Gulf stock markets end mixed as China growth uncertainties persist in the Middle East.
Despite unpredictable oil prices and expectations for additional Chinese support, the Gulf's stock markets finished Monday with mixed results, with Qatar and Abu Dhabi finishing higher and Saudi Arabia and Dubai declining.
As a major driver of the Gulf's financial markets, petroleum prices declined, with Brent crude down 0.2% to $76.44 per barrel by 0944 GMT.
Al Rajhi Bank, the largest Islamic bank in the world by assets, down 1.4%, while Saudi Aramco, the country's largest oil company, fell 0.6%, all of which contributed to a 0.8% decline in Saudi Arabia's benchmark index. Dr. Sulaiman Al-Habib Medical Services and Mouwasat Medical were among the losers, suffering losses of 1.5% and 7%, respectively.
According to Farah Mourad, Senior Market Analyst at XTB MENA, "energy volatility and price corrections affected expectations, putting pressure on GCC stock markets."
"Traders awaiting information about a Chinese economy stimulus."
China, the largest crude importer in the world, is anticipated to lower important lending standards on Tuesday to assist its economy, which has had a shaky post-pandemic recovery.
Dubai's benchmark index finished 0.1% down after ending a two-week winning streak. Losses in the banking and utility sectors, including 0.9% and 1.1% declines in Emaar Properties and Dubai Electricity and Water Authority, weighed on the index.
The benchmark index in Qatar gained 0.2%, recovering its losses over two straight days, with the majority of sectors trading in the green. The index was helped by an increase in Ooredoo QPSC of 4.9% and a rise in Qatar Navigation of 1.8%.
The index advanced for a second straight session in Abu Dhabi, trading 0.1% higher. The index benefited from gains of 2.3% in Burjeel and 3.9% in Abu Dhabi National Energy Company (TAQA). The largest lender in the United Arab Emirates, First Abu Dhabi Bank, increased by 0.5%.
Away from the Gulf, Egypt's blue-chip index lost 0.2%, capping a run of four straight sessions of advances as the banking and communication sectors experienced losses. EFG Hermes and Commercial International Bank both experienced declines of 1.1% and 2. 1.7% was lost by Telecom Egypt.
- SAUDI ARABIA lost 0.8% to 11,422
- KUWAIT ended flat at 7,823
- QATAR rose 0.2% at 10,282
- EGYPT lost 0.2% to 17,989
- BAHRAIN ended flat at 1,958
- OMAN lost 0.1% to 4,680
- ABU DHABI added 0.1% to 9,453
- DUBAI lost 0.1% at 3,787