Most stock markets in the Gulf ended lower on Sunday as a contraction in factory activity in China, where the economy has been showing signs of faltering, subdued investor sentiment.
Data on Thursday showed manufacturing activity contracted in China, the world’s second-largest economy for a fifth straight month in August, while the expansion in services sector lost a little momentum.
The Qatari index fell for a third consecutive session, ending 0.1% lower, with most sectors in the red.
Most Gulf markets rise on Fed pause bets; Saudi retreats
Qatar National Bank, the region’s largest lender, dropped 0.6% and Commercial Bank lost 1%.
Saudi Arabia’s benchmark index was down 0.3%, with a 1.3% slump in oil giant Saudi Aramco.
The world’s biggest oil company is considering selling a stake worth as much as $50 billion, the Wall Street Journal reported on Friday.
However, among the gainers, Saudi Basic Industries rose 1.8% after it said on Sunday it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF) for an enterprise value of 12.5 billion riyals ($3.33 billion).
Outside the Gulf, Egypt’s blue-chip index dropped 0.8%, snapping its winning streak from the six previous sessions, with most sectors in the red.
The index was dragged down by a 1.3% drop in Commercial International Bank and 3.7% decline in El Sewedy Electric.
SAUDI ARABIA fell 0.3% to 11,456
QATAR lost 0.1% to 10,186
EGYPT dropped 0.8% to 18,726
BAHRAIN rose 0.2% to 1,957
OMAN fell 0.5% to 4,775
KUWAIT lost 0.1% to 7,691
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