Major Gulf bourses end mixed as global recovery concerns weigh

Major stock markets in the Gulf region ended mixed on Monday, amid concerns about a recovery in the global economy, although rising oil prices provided some support.

GCC stock markets moved in different directions as investors remain worried about the global economic slowdown and how more durable inflation will have an impact on monetary policy, said Wael Makarem, senior market strategist at Exness.

World stocks were on the back foot on concerns that higher inflation, supply shortages and China's property sector woes would put global economic recovery at risk.

In Abu Dhabi, the index fell 0.3%, hit by a 1.2% fall in the country's largest lender First Abu Dhabi Bank and a 0.4% decrease in Alpha Dhabi Holding.

However, ADNOC Drilling extended gains to rise 1%. It had surged over 28% in its debut on Sunday following a $1.1 billion initial public offering (IPO), the largest ever on the Abu Dhabi stock market.

Dubai's main share index dropped 0.8%, dragged by a 2.1% decline in Emirates NBD Bank and a 1% fall in blue-chip developer Emaar Properties.

Banks boost most Gulf shares; Abu Dhabi dips

Saudi Arabia's benchmark index edged up 0.1%, with Al Rajhi Bank rising 1.6% and Saudi National Bank , the kingdom's largest lender, gaining 2.5%.

Oil was steady as OPEC and its allies meet to decide on output after a recent rally in prices reflecting recovering demand and supply disruptions.

Three sources told Reuters the group of oil producers was likely to stick to their existing agreement to produce an additional 400,000 barrels per day (bpd) in November.

The Qatari index added 0.4%, helped by a 0.9% rise in petrochemical maker Industries Qatar and a 0.8% increase in Qatar National Bank.

Outside the Gulf, Egypt's blue-chip index rose 0.6%, led by a 1.4% gain in top lender Commercial International Bank.

Oman bourse remained closed for a second session as the country reels from cyclone.

SAUDI ARABIA rose 0.1% to 11,467

ABU DHABI fell 0.3% to 7,698

DUBAI down 0.8% to 2,812

QATAR gained 0.4% to 11,512

EGYPT up 0.6% to 10,427

BAHRAIN added 0.2% to 1,709

KUWAIT eased 0.1% to 7,497

Reuters