DUBAI: Most stock markets in the Gulf ended lower on Monday, tracking global shares, as oil prices tumbled nearly 5% on concerns over the impact of rising interest rates and China’s COVID-19 lockdowns on global economic growth.
Asian markets suffered their worst session in over a month as worries that Beijing could soon be back in a lockdown sent Chinese shares back to 2020 lows, and as the effects of Wall Street’s 2.5% slump on Friday lingered.
The Qatari benchmark ended 1.6% lower, extending losses from the previous session, as all stocks but one on the index were in negative territory.
Qatar International Islamic Bank slid 4% and was the biggest percentage decliner on the index, despite reporting a rise in first-quarter net profit.
The Abu Dhabi index dropped 0.9%, hit by a 2.1% fall in the United Arab Emirates’ largest lender First Abu Dhabi Bank.
Dubai’s main share index declined 0.8%, snapping a four-day winning streak, with blue-chip developer Emaar Properties losing 0.8%.
Crude prices, a key catalyst for the Gulf’s financial markets, hit a near two-week low on demand worries.
Saudi Arabia’s benchmark index, however, bucked the trend to close 0.6% higher, led by a 2.1% jump in Islamic lender Al Rajhi Bank.
The Saudi stock market was mixed as investors’ sentiment tilted between the strong fundamentals and international concerns, said Wael Makarem, senior market strategist at Exness.
On other hand, Saudi Kayan Petrochemical Company plunged 8.7% after the company reported a steep fall in quarterly net profit.
Egypt was closed for a public holiday
SAUDI ARABIA gained 0.6% to 13,543
ABU DHABI fell 0.9% to 10,043
DUBAI down 0.8% to 3,654
QATAR fell 1.6% to 13,764
BAHRAIN eased 0.6% to 2,068
OMAN lost 0.6% to 4,195
KUWAIT added 1.1% to 9,243.
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