Most Gulf stock markets ended lower on Tuesday, weighed down by oil prices and weaker-than-expected corporate earnings, while the Abu Dhabi index recouped early losses.
Oil prices - a key contributor to the Gulf’s economies - slid more than 1% after the U.S. government said it would release more crude from its Strategic Petroleum Reserve.
Brent crude futures fell $1.06, or 1.22%, to $85.56 a barrel by 1152 GMT.
Dubai’s benchmark stock index settled 0.3% lower to snap nine sessions of rally, dragged down by losses in utilities, industry and communication sectors.
Major Gulf bourses end mixed ahead of US inflation data
Air Arabia tumbled 3.4%, its worst day since early May, after the low cost-carrier posted a 24% decrease in its fourth-quarter net profit.
The Abu Dhabi index edged up 0.1%, helped by a 0.25% rise in Conglomerate International Holding Co ahead of reporting annual earnings later in the day.
After trading hours, Conglomerate reported 175% growth in full-year net profit to 31.86 billion dirhams ($8.68 billion).
Saudi Arabia’s benchmark stock index eased 0.2%, dragged down by losses in financial and health care sectors.
Arab National Bank slipped 3.2% after the lender missed market estimates of 3.20 billion riyals for full-year profit. It reported net profit of 3.07 billion riyals, a 41% from 2021.
Outside the Gulf , Egypt’s blue-chip index rose 1.3%, boosted by a 7.7% surge in Juhayna Food Industries after the firm appointed Seif El-Din Safwan Thabet as vice-chairman and CEO.
SAUDI ARABIA down 0.22% to 10,497
ABU DHABI edged 0.1% to 9,942
DUBAI lost 0.3% to 3,459
EGYPT gained 1.3% to 17,431
BAHRAIN up 0.1% to 1,938
OMAN declined 2.6% at 4,619
KUWAIT fell 0.1% to 8,190
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