Major stock markets in the Gulf were mixed in early trade on Thursday, in line with Asian shares as global investors assessed that strong US inflation data was not worrying enough to change the Federal Reserve's already hawkish rates outlook.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.1% higher, after recording its biggest daily gain in a month on Wednesday.
Saudi Arabia's benchmark index gained 0.3%, at its highest in over 15 years, led by a 0.7% rise in its biggest lender Saudi National Bank.
Most Gulf bourses in black, tracking oil, global shares
The lender sold $750 million in debut "sustainable" sukuk on Wednesday after demand topped $3.2 billion, a bank document showed.
Separately, the kingdom is planning to auction up to three mining licences in 2022, including Khnaiguiyah mines where zinc and copper deposits are estimated at around 26 million tonnes, the kingdom's mining minister said on Wednesday.
The Qatari index added 0.4%, supported by a 2.1% gain in Qatar International Islamic Bank and a 0.6% increase in petrochemical maker Industries Qatar.
Qatar's economy grew 2.6% year-on-year in the third quarter of 2021, according to official estimates, driven mainly by the non-hydrocarbon sector.
In Abu Dhabi, the index fell 0.3%, hit by a 0.7% fall in the country's largest lender First Abu Dhabi Bank.
However, Dana Gas rose 1%, extending gains from the previous session, after the energy firm and its partner Crescent Petroleum achieved 50% gas production growth in Kurdistan Region of Iraq over past 3 years.
Dubai's main share index dropped 0.5%, with Emirates NBD Bank losing 1.1%.
Oil prices, a key catalyst for the Gulf's financial markets, slipped trimming big gains from the previous two sessions, amid uncertainty over near-term demand as cases of the highly contagious Omicron variant of the coronavirus surge around the globe.
Comments
Comments are closed.