Stock markets in the Gulf ended mixed on Thursday, on persistent concerns over slowing economic growth and after the latest U.S. Federal Reserve minutes confirmed its intent to tighten monetary policy quickly.
Saudi Arabia’s benchmark index dropped 0.5%, with the kingdom’s biggest lender Saudi National Bank losing 1.6%, while Dr Sulaiman Al-Habib Medical Services retreated 1.9%.
Shares of oil behemoth Saudi Aramco, which is at par with Apple Inc as the world’s most valuable company, were down 0.7%.
Aramco has approached motor oil and lubricant maker Valvoline Inc to buy its segment catering to commercial customers, Reuters reported on Wednesday, citing sources familiar with the matter.
However, the Saudi index recorded its first weekly gain in three weeks.
In Abu Dhabi, the index lost 0.2%, hit by a 1.5%, fall in the United Arab Emirates’ largest lender First Abu Dhabi Bank.
Most Gulf bourses in red on growth worries; Saudi gains
However, the index’s losses were limited by gains at telecoms firm e&, which advanced 1.1%, after it launched region’s first telco non-fungible token (NFT) collection.
Dubai’s main share index finished 1.2% higher, ending three sessions of losses, boosted by a 3.1% jump in Emirates NBD Bank.
Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said.
Sheikh Maktoum Bin Mohammed, Dubai’s deputy ruler, in November announced plans to take 10 government-linked companies public to boost stock market activity. The ruler named Empower as part of those plans in December.
On the other hand, the Dubai index posted its seventh week of losses in eight.
Outside the Gulf, Egypt’s blue-chip index declined 0.5%, with Abu Qir Fertilizers falling 2.8%.
Investors reacted to the developments in the United States, while international investors remained cautious to a certain extent, affecting the Egyptian market’s potential, said Fadi Reyad, market analyst at CAPEX.com.
SAUDI ARABIA dropped 0.5% to 12,530
ABU DHABI fell 0.2% to 9,544
DUBAI gained 1.2% to 3,296
QATAR eased 0.2% to 12,829
EGYPT lost 0.5% to 10,201
BAHRAIN was up 0.3% to 1,894
OMAN fell 0.6% to 10,185
KUWAIT added 0.5% to 8,439
Comments
Comments are closed.