DUBAI: - Most stock markets in the Gulf ended lower on Monday, as the latest stimulus measures from China disappointed investors, with the Qatari index falling the most.
China’s central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unchanged, a surprise to analysts who had expected cuts of 15 basis points to both.
In Qatar, the index declined more than a 1%, as most of the stocks on the index were in negative territory including Qatar Islamic Bank, which was down 2.1%. The Qatari bourse continued to see downside risks with selling pressure on all market segments. The volatility in energy prices could also weigh on sentiment, said Daniel Takieddine, CEO MENA at BDSwiss.
Saudi Arabia’s benchmark index gave up early gains to close 0.8% lower, with oil giant Saudi Aramco losing 1.6%.
Separately, Japan is making preparations for a meeting of foreign ministers from Japan and the Gulf Cooperation Council (GCC) member states in Saudi Arabia in early September, Kyodo news agency said on Sunday, quoting unnamed diplomatic sources.
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