Most major Gulf stock markets fell on Monday, shrugging a slight gain in oil prices, as investors were a little cautious amid fears of fallout following collapse of Silicon Valley Bank (SVB), while Saudi Arabia’s index edged up.
Crude oil prices, a major driver for Gulf economies, reversed a early losses to gain slightly, with Brent crude futures up 25 cents, or 0.30%, to $83.03 per barrel by 0700 GMT.
In Abu Dhabi, the benchmark index fell 0.4%, extending losses to a five consecutive session, with top lender First Abu Dhabi Bank decreasing 0.6% and Telecoms firm e& , formerly known as Emirates Telecommunications, shedding 1.2%.
Elsewhere, Shares of ADNOC Gas surged more than 18% over its listing price in the Abu Dhabi market debut on Tuesday.
State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had raised about $2.5 billion through a sale of roughly 5% of its gas business in an IPO earlier this month. Dubai’s main share index also extended decline to a five session in a row to open 0.7% lower.
The index was dragged down by losses in almost all sectors with real estate and financial shares leading the losses. Blue-chip developer Emaar Properties dropped 2.4% while Emirates NBD Bank, Dubai’s largest lender, lost 0.8%.
The benchmark stock index in Qatar eased 0.1% as gains in financials stocks were offset by heavy losses in material and energy stocks.
Gulf stock markets in red as bank worries spread
Qatar Islamic Bank was up 1.1% but Mesaieed Petrochemical, and Qatar Gas Transport Nakilat fell 6.4%, its biggest intraday fall in nearly 15 months, as stock goes ex-dividend.
Meanwhile, Saudi Arabia’s benchmark stock index rose 0.7%, lifted by financial and healthcare stocks, with Al Rajhi Bank gaining nearly 1% and Dr Sulaiman Al-Habib Medical Services adding over 1.6%.
State oil giant and index heavyweight Saudi Aramco was up 0.6%.
Aramco on Sunday reported a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, increased volumes sold and improved margins for refined products.
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