Most stock markets in the Gulf ended mixed on Wednesday amid volatile oil prices, with the Qatari index snapping a seven-session losing streak.
Crude prices, a key catalyst for the Gulf’s financial markets, reversed course to fall by more than $2 a barrel as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.
The G7 is looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union diplomat said.
Qatari stocks gained 0.6%, led by a 4.1% jump in Commercial Bank and a 2.6% rise in Islamic lender Masraf Al Rayan.
In Abu Dhabi, the index advanced 1.3%, buoyed by a 1.7% rise in conglomerate International Holding.
The Abu Dhabi market rebounded after a week of price corrections, which could help the market maintain a strong uptrend, Wael Makarem, senior market strategist at Exness, said.
Dubai’s main share index eased 0.1%, hit by a 1% fall in real estate developer Emaar Properties.
Saudi bourse gains as oil prices rise, Qatar extends losses
Outside the Gulf, Egypt’s blue-chip index fell 0.2%, weighed down by a 2.5% slide in top lender Commercial International Bank.
Nomura has warned that seven countries - Egypt, Romania, Sri Lanka, Turkey, Czech Republic, Pakistan and Hungary - are now at a high risk of currency crises.
The Saudi stock exchange was closed on Wednesday after Saudi Arabia declared a public holiday as the country’s soccer team beat Argentina in the World Cup.
===================================== ABU DHABI up 1.3% to 10,529 DUBAI down 0.1% to 3,326 QATAR gained 0.6% to 11,897 EGYPT lost 0.2% to 12,600 BAHRAIN was flat at 1,864 OMAN rose 0.9% to 4,544 KUWAIT lost 0.3% to 8,459 =====================================
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