DUBAI: Most major stock markets in the Gulf ended lower on Thursday, as oil prices retreated following weak US payrolls data.
Saudi Arabia’s benchmark index dropped 0.4%, extending losses from the previous session, with the kingdom’s largest lender Saudi National Bank losing 1.5% and Riyad Bank retreating 2.4%.
The kingdom said on Thursday that citizens will be required to take the COVID-19 booster shot to be able to travel abroad starting Feb. 9, state media reported.
The kingdom is also requiring visitors to present a negative PCR result before entry.
Major stock markets in the Gulf were mostly in the red due to weaker oil prices, the effect of Omicron on business activity and lower employment figures in the U.S, said Farah Mourad, senior market analyst of XTB MENA.
“Additionally, interest rates decisions in Europe have been weighing on investors’ expectations and could affect markets to some extent.”
Dubai’s main share index dropped 0.7%, dragged down by a 1.3% fall in blue-chip developer Emaar Properties and a 4.8% slide in Dubai Financial Market.
The market remains cautious after the release of the national PMI index which partly reflected the effect of Omicron and geopolitical tension on business activity, according to Mourad.
The UAE said it intercepted three drones that entered its airspace over unpopulated areas early on Wednesday in the fourth such attack on the Gulf commercial and tourism hub in the past few weeks.
In Abu Dhabi, the index eased 0.1%, with Emirates Telecommunications Group losing 0.2%.
The Qatari index gained 0.4%, led by a 2.3% increase in Qatar Islamic Bank.
Outside the Gulf, Egypt’s blue-chip index lost 0.5%, hit by a 0.5% fall in top lender Commercial International Bank.
Egyptian non-oil activity in the private sector shrank for a 14th month in January as output levels fell at the strongest pace in over a year and a half and new business volumes declined, a survey showed on Thursday.
SAUDI ARABIA fell 0.4% to 12,142
ABU DHABI lost 0.1% to 8,728
DUBAI down 0.7% to 3,153
QATAR gained 0.4% to 12,655
EGYPT lost 0.5% to 11,634
BAHRAIN was up 0.3% to 1,824
OMAN rose 0.1% to 4,128
KUWAIT added 0.1% to 8,037.
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