Middle Eastern stock markets ended lower on Tuesday, tracking global shares, as rising inflation and a looming economic slowdown dampened investor sentiment.
The MSCI’s benchmark for global stocks fell 0.3% to 650 points by 0843 GMT, weighed by morning losses in Europe and earlier weakness across Asian markets.
The main stock index in Saudi Arabia retreated 1.2%, falling most among Gulf peers, with Al Rajhi Bank sliding 1.9% and the kingdom’s largest lender Saudi National Bank dropping 2.1%.
The Saudi stock market remains exposed to selling pressure and followed other markets into the red, said Eman AlAyyaf, CEO of EA Trading, adding that the market could see new price corrections like last month.
Major Gulf bourses track global shares, oil prices lower
Dubai’s main share index dipped 0.5%, as top lender Emirates NBD fell 1.4% and Emirates Integrated Telecommunications slipped 1.2%.
“The Dubai stock market fell as investors returned to selling after the latest rebound,” added AlAyyaf.
In Abu Dhabi, the index lost 0.3%, extending the losses to fifth straight session.
Petrochemical maker Borouge dropped 1.9% and lender Abu Dhabi Commercial Bank decreased 2%.
Separately, Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer with enterprise value of roughly 2.8 billion euros.
The Qatari index eased 0.1%, pressured by a 3% fall in the Gulf’s biggest lender Qatar National Bank and a 1.5% drop in Commercial Bank.
Whereas, Gulf International Services surged 10% after the company announced an interim agreement with Manaya Holding Group for potential merger of its unit Amwaj with Shaqab.
Outside the Gulf, Egypt’s blue-chip index gained 0.6%, with Commercial International Bank Egypt adding 0.6%.
SAUDI ARABIA fell 1.2% to 12,663 points
ABU DHABI 0.3% to 9,697 points
DUBAI fell 0.5% at 3,373 points
QATAR eased 0.1% to 12,959 points
EGYPT rose 0.6% to 10,048 points
BAHRAIN declined 1.2% to 1,907 points
OMAN lost 0.1% at 4,130 points
KUWAIT dipped 0.4% to 8,462 points
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