DUBAI: Major Gulf bourses ended mixed on Tuesday, with Egypt’s index down nearly 3%, amid global concerns over soaring inflation and slowing economic growth.
President Joe Biden’s administration is willing to move ahead with a US ban on Russian oil imports even if European allies do not, US sources indicated, while Russia warned that prices could surge to $300 a barrel and it might close the main gas pipeline to Germany if the West halts oil imports over the invasion of Ukraine.
World stocks held at a one-year low, gold climbed above the key $2,000 level, and Brent surged past $127 a barrel.
“The Egyptian stock market fell as investors expect the rise in commodities prices to be detrimental to the country’s development and could slow down economic activity,” said Wael Makarem, Senior Market Strategist - MENA at Exness.
Egypt’s blue-chip index dropped the most, with its 2.9% fall.
Emaar Misr for Development closed up 3.8% after the company posted higher consolidated annual profit.
Dubai’s main stock index lost as much as 1%, before recouping some of the losses to trade down 0.2%.
Investors returned to the market to buy the dip in Dubai, Makarem added.
Abu Dhabi’s index rose 0.6%, after ending the past two sessions in the red.
S&P Global Ratings said on Monday the UAE’s inclusion in FATF’s gray list was unlikely to significantly disrupt the economy in the short term, but could raise financial transaction costs.
Saudi Arabia’s benchmark share index ended up 0.3%, having dropped as much as 0.7% in the session.
Oil giant Saudi Aramco fell 0.6%, after hitting a record high of 46 riyals in the previous session.
Shares of Acwa Power rose 3.3% after the company signed a power purchase agreement for a solar plant in Al Qassim province.
The Qatari index gained 0.7%.
SAUDI ARABIA up 0.3% to 12,851
ABU DHABI rose 0.6% to 9,732
DUBAI lost 0.2% to 3,412
QATAR rose 0.7% to 13,683
EGYPT shed 2.8% to 10,397
BAHRAIN was up 0.4% to 2,070
OMAN rose 0.5% to 4,223
KUWAIT gained 1.1% to 8,707.
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