Gulf stock markets ended mixed on Tuesday as investors were cautious amid volatile oil prices and awaited more details on China’s plans to shore up its sluggish economic recovery, with Dubai and Qatar ending lower and Saudi and Abu Dhabi closing higher.
China on Tuesday cut two benchmark lending rates by 10 basis points each. The rate cuts are the latest in a string of moves by Beijing to shore up a slowing recovery in the world’s second-largest economy.
Dubai’s benchmark index extended losses to a second straight session, ending 0.3% lower. The index was dragged down by losses in financial, utilities and industrial sectors with Emaar Properties slumping 1.2% and Emirates Central Cooling Systems dropping 0.6%.
The emirate’s largest lender Emirates NBD slipped 1%.
In Qatar, the benchmark index fell 0.2%, giving up the previous session’s gains, weighed by a 1.2% decline in Qatar National Bank, the region’s largest lender, and a 1.6% drop in Ezdan Holding.
Saudi Arabia’s benchmark index inched up 0.1%, with Dr Sulaiman Al-Habib Medical Services rising 0.7% and Company for Cooperative Insurance climbing 2.3%.
Gulf stock markets end mixed amid China growth uncertainties
Shares of Jamjoom Pharmaceuticals Factory jumped as much as 30% to 78 riyals in its market debut from an offer price of 60 riyals.
In Abu Dhabi, the index advanced for a third consecutive session, rising 0.1%, buoyed by a 1.1% gain in Alpha Dhabi and a 1.8% rise in Burjeel.
“Oil prices remained volatile as Chinese economic recovery continues to fuel concerns among traders, affecting oil demand expectations,” said Daniel Takieddine, CEO MENA at BDSwiss.
Crude prices - a key catalyst for the Gulf’s financial markets - edged up on Tuesday with Brent crude up 0.9% at $76.78 a barrel at 1226 GMT.
Outside the Gulf, Egypt’s blue-chip index fell 0.4%, extending previous session losses with financial and materials sectors trading in the red.
Commercial International Bank and Misr Fertilizers Production slipped 0.7% and 4%, respectively. Ezz Steel slumped 4.7%.
====================================== SAUDI ARABIA rose 0.1% to 11,431 KUWAIT ended flat at 7,821 QATAR fell 0.2% at 10,2267 EGYPT lost 0.4% to 17,922 BAHRAIN ended flat at 1,957 OMAN ended flat at 4,682 ABU DHABI added 0.1% to 9,464 DUBAI lost 0.3% at 3,774 ======================================
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