Most stock markets in the Gulf ended lower on Tuesday on reduced risk appetite after rate cuts by China and more disappointing data from the world’s second biggest economy.
China’s central bank unexpectedly cut key policy rates for the second time in three months on Tuesday, in a fresh sign that the authorities are ramping up monetary easing efforts to boost a sputtering economic recovery.
Saudi Arabia’s benchmark index dropped 0.7%, extending losses from the previous session, with oil giant Saudi Aramco losing 0.6% and Saudi Awwal Bank retreating 2.2%.
Dubai’s main share index dropped 0.2%, weighed down by a 5.8% decline in Mashreq Bank.
In Abu Dhabi, the index fell 0.4%.
Most Gulf markets in red as China woes linger, oil falls
The Qatari index lost 0.3%, as most of the stocks on the index were in negative territory including petrochemical maker Industries Qatar, which was down 1.8%.
Oil prices - which fuels the Gulf’s economy - edged lower on sluggish Chinese economic figures coupled with fears that Beijing’s unexpected cut in key policy rates was not substantial enough to rejuvenate the country’s sputtering post-pandemic recovery.
Outside the Gulf, Egypt’s blue-chip index gained 0.4%, led by a 0.8% rise in top lender Commercial International Bank.
Egypt sold 626.4 million euros ($683 million) in one-year euro T-bills in an auction at an average yield of 4%, the central bank said on Monday.
======================================== SAUDI ARABIA fell 0.7% to 11,494 ABU DHABI lost 0.4% to 9,807 DUBAI down 0.2% to 4,051 QATAR eased 0.3% to 10,677 EGYPT rose 0.4% to 17,965 BAHRAIN was down 0.2% to 1,959 OMAN was flat at 4,763 KUWAIT slipped 0.1% to 7,827 ========================================
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