AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

Most gulf markets traded on the back foot on Thursday and Saudi Arabia fell deeper in the red as a global slowdown stoked fears on oil demand, tumbling its prices to multi-month lows.

Saudi Arabia’s benchmark index settled 0.3% lower and ran into a fourth straight loss after its financial and energy shares came under selling pressure.

Saudi National Bank shed 1.9% and oil giant Saudi Aramco lost 1%.

The Dubai index dropped 0.7% and was heading for a second consecutive weekly decline. Financial shares led most other sectors lower.

The region’s trade and tourism hub is facing headwinds from slower-than-expected growth this year and next in its property prices.

The rising inflationary trends and higher interest rates globally are staving off particularly foreigners from buying properties in the emirate that counts real estate a key sector.

The Abu Dhabi index gained 0.7% after recent waves of sales turned the market attractive for investors looking to buy into weakness.

Gulf equities slide on volatile oil; Abu Dhabi gains

“The Abu Dhabi stock market rebounded after accumulating losses for almost a month,” said Ahmed Ayoub, chief business development office at Trader’s Hub. “Traders could push the market to the upside to a certain extent after this price correction phase”.

The two back-to-back sessions of gains have put the index on track for a weekly upswing after languishing in the red for three straight weeks.

Egypt’s blue-chip index edged 0.3% higher as most sectors settled in positive territory on the back of foreign capital flows. Rising consumer prices, shooting up nearly 15% in the last month, however, capped the index gains.

The Egyptian stock market rebounded to a certain extent thanks to an influx of international investors. However, the market remains under pressure as inflation continues to rise, added Ayoub.

==========================================
 SAUDI ARABIA     fell 0.3% to 11,834
 ABU DHABI        rose 0.7% to 9,786
 DUBAI            dropped 0.7% to 3,359
 QATAR            was near flat at 12,949
 EGYPT            gained 0.3% to 10,265
 BAHRAIN          edged up 0.2% to 1,928
 OMAN             lost 0.2% to 4,513
 KUWAIT           dropped 0.3% to 8,421
==========================================

Comments

Comments are closed.