Energy-heavy Gulf markets fell on Tuesday, tracking lower oil prices as Russia-Ukraine ceasefire talks eased fears of further supply oil disruptions and coronavirus cases in China fuelled concerns about slower crude demand.
Oil prices extended losses, sliding to a two-week low with Brent futures dropping $4.74, or 4.4%, to $102.16 a barrel by 0445 GMT after tumbling by more than $6 to $100.05 earlier in the session.
US President Joe Biden is expected to travel to Brussels next week to meet with NATO leaders to discuss Russia’s war in Ukraine, US and foreign sources familiar with the situation said on Monday.
Gulf markets end lower, Abu Dhabi sees worst day in nearly 3 months
Saudi Arabia’s benchmark index fell 0.2%, set to extend its losing streak to a fifth straight day, if losses hold.
The kingdom’s consumer price index rose 1.6% in February from a year earlier, government data showed on Tuesday.
The Qatari index led the losses in the region, sliding as much as 1.3%, with only three of the 20 listed stocks trading in the black.
Qatar Electricity And Water Co fell 7.3% as shareholders of the utility approved the 40% share capital acquisition of Nebras Power.
Dubai’s main index traded 0.5% lower, with Amlak Finance falling 4.4%. The UAE-based Islamic lender reported year-end accumulated losses of 1.31 billion Dirhams last Friday, and its shares have fallen more than 14% since.
Separately, the Dubai Electricity and Water Authority launched on Tuesday the first initial public offering among 10 planned listings of state-linked companies aimed at reviving the domestic stock exchange.
In Abu Dhabi, the index was down 0.3%, hit by a 0.7% fall in the country’s largest lender First Abu Dhabi Bank .
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