Gulf markets pressured by lower oil prices; Abu Dhabi hits record high

DUBAI: Major Gulf bourses were weighed down by falling oil prices on Thursday, although Abu Dhabi’s main index touched a record high for a second straight session.

Oil prices fell on Thursday as talks to resurrect a nuclear deal with Iran entered their final stages, but losses were capped by heightened tensions between top energy exporter Russia and the West over Ukraine.

The United States is in “the midst of the very final stages” of indirect talks with Iran, aimed at salvaging a 2015 deal limiting Tehran’s nuclear activities, State Department spokesperson Ned Price said on Wednesday.

In Abu Dhabi, the index was flat, but still ended the session at a record high of 9,208.

Saudi Arabia’s benchmark index shed 0.1%, having touched a 16-year high on closing in the previous session.

“The Saudi stock market witnessed some pressure after hitting another fresh high since 2006 as oil prices could see some declines with Iranian crude entering the market soon. However, the stock market remains on strong footing economically,” said Wael Makarem, senior market strategist - MENA at Exness.

Shares of Saudi Arabian digital security firm Elm, owned by the kingdom’s sovereign wealth fund, were up nearly 19%, a day after their debut on the stock market.

Strong fiscal year profit boosted shares of Saudi Ceramics Company, which closed 1.2% higher.

Dubai’s main share index edged up marginally, boosted by gains in real estate stocks. Financial and communication services stocks weighed on sentiment.

The Qatari index closed flat. Commercial Bank and Qatar National Bank were the top drags.

Outside the Gulf, Egypt’s blue-chip index ended 0.3% down after ending the previous two sessions in the green.

SAUDI ARABIA fell 0.2% to 12,477

ABU DHABI up 0.1% to 9,208

DUBAI added 0.1% to 3,330

QATAR lost 0.1% to 12,735

EGYPT down 0.3% to 11,535

BAHRAIN was up 1.4% to 1,926

OMAN was flat at 4,093

KUWAIT gained 0.9% to 8,27.