Most major Gulf stock markets opened lower on Wednesday, extending losses from the previous session, and tracking weakness in Asian shares as a deadlock in US debt ceiling negotiations weighed on investor sentiment.
Representatives for President Joe Biden and congressional Republicans ended another round of debt ceiling talks on Tuesday with no signs of progress as the deadline to raise the government’s $31.4 trillion borrowing limit or risk default ticked closer.
Saudi Arabia’s benchmark stock index fell 0.1%, in its fourth consecutive negative day, as the index was pulled down by healthcare, financial and energy stocks.
Sulaiman Al-Habib Medical Services Group and Saudi National Bank SJSC, the kingdom’s largest lender by assets, dropped 0.6% and 1.1%, respectively, while state oil giant and index heavyweight Saudi Aramco was down 0.3%.
Among other individual stocks, retailer Fawaz Abdulaziz Alhokair Company SJSC fell nearly 6% after reporting a quarterly loss on Tuesday.
Dubai’s main share index was down 0.2%, pressured by a decline in almost all sectors, with real estate and financials leading the losses. Blue-chip developer Emaar Properties PJSC lost 0.9%, while Dubai Islamic Bank PJSC was down 0.6%.
The Qatari benchmark stock index eased 0.4%, extending losses for a third straight session, with most of the constituent stocks trading in negative territory.
Gulf stock markets end mixed ahead of US debt talks
Qatar Islamic Bank QPSC dropped 0.5%% and heavyweight Commercial Bank PSQC lost 0.6%.
In Abu Dhabi, the benchmark index traded flat.
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