Major Gulf bourses closed mixed on Thursday, while global shares fell as analysts warned of further pain for stocks even after planned diplomatic talks between Moscow and Kyiv had lent momentum to riskier bets.
Meanwhile, oil prices rose from a sharp drop in the previous session after the United Arab Emirates backtracked on statements saying the Organization of the Petroleum Exporting Countries (OPEC) and its allies might increase output to help to plug the gap in exports from Russia.
UAE Energy Minister Suhail al-Mazrouei said on Twitter his country was committed to the agreement by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia to ramp up oil supply by only 400,000 barrels per day (bpd) monthly after sharp cuts in 2020.
“The Abu Dhabi stock market rebounded from yesterday’s fall as oil markets stabilized while OPEC members reiterated their unity,” said Eman AlAyyaf, CEO of EA Trading.
Price corrections were seen in Dubai and Saudi Arabia as investors secured gains, AlAyyaf added.
Saudi Arabia’s benchmark share index ended 0.4% lower, its second consecutive session of losses.
State-run oil explorer Saudi Aramco fell 5.1%, its biggest fall since May 2020.
Abu Dhabi’s main index closed 0.9% higher. The index had plunged 2.2% in the previous session, its biggest daily percentage loss since Dec. 20.
Dubai’s main stock index ended flat, as gains in the real estate sector were outweighed by losses in financial stocks.
Dubai Islamic Bank was down 2.%, while Dubai Financial Market dropped 3%.
The Qatari index was flat, with gains in financials offset by losses in industrials.
Outside the Gulf, Egypt’s blue-chip index rose 0.4%.
SAUDI ARABIA down 0.4% to 12,684
ABU DHABI rose 0.9% to 9,606
DUBAI ended flat at 3,382
QATAR ended flat at 13,633
EGYPT gained 0.4% to 10,454
BAHRAIN was down 0.7% to 2,053
OMAN rose 1.7% to 4,328
KUWAIT ended flat at 8,756
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