DUBAI: Stock markets in the Gulf ended mixed on Monday as investors remained cautious amid volatile oil prices and hopes for more economic stimulus from China, with Saudi and Dubai ending lower and Qatar and Abu Dhabi closing higher.
Crude prices - a key catalyst for the Gulf’s financial markets - fell with Brent crude down 0.2%, to $76.44 a barrel by 0944 GMT.
Saudi Arabia’s benchmark index slumped 0.8%, dragged down by losses in all sectors with the world’s largest Islamic bank by assets Al Rajhi Bank dropping 1.4% and oil major Saudi Aramco shedding 0.6%.
Among the losers, Dr Sulaiman Al-Habib Medical Services and Mouwasat Medical lost 1.5% and 7% respectively.
“GCC stock markets were mostly under pressure with energy volatility and price corrections affecting expectations”, said Farah Mourad, Senior Market Analyst of XTB MENA.
“Traders awaiting details about an economic stimulus for the Chinese economy”.
The world’s top crude importer China is widely expected to cut key lending benchmarks on Tuesday to boost its economic growth, which has seen a rocky post-pandemic recovery.
Dubai’s benchmark index snapped its two-week winning streak and ended 0.1% lower. The index was weighed down by losses in utilities and financial sectors with Emaar Properties falling 0.9% and Dubai Electricity and Water Authority dropping 1.1%.
In Qatar, the benchmark index rose 0.2%, recouping its losses across two consecutive sessions, with most sectors trading in the green.
The index was supported by a 4.9% surge in Ooredoo QPSC and 1.8% rise in Qatar Navigation.
In Abu Dhabi, the index continued its gains for a second consecutive session, trading 0.1% higher. The index was helped by a 3.9% gain in Abu Dhabi National Energy Company (TAQA) and a 2.3% rise in Burjeel.
The United Arab Emirates’ biggest lender, First Abu Dhabi Bank, gained 0.5%.
Outside the Gulf, Egypt’s blue-chip index slipped 0.2%, ending four-session gains with financial and communication sectors trading in the red.
Comments
Comments are closed.