Middle Eastern stocks mixed amid growth jitters

Stock exchanges in Middle East were mixed on Monday, as growth concerns weighed on investor sentiment ahead of a week packed with numerous central bank meetings.

On Thursday, Bank of England is tipped to hike rates for the 15th time and take benchmark borrowing costs to 5.5%, while Sweden’s Riksbank is seen hiking by 25 basis points to 4%.

China property woes, geopolitical tensions and ongoing strikes also stoked worries about global growth.

In Abu Dhabi, the benchmark stock index slid 0.6%, snapping a seven-session win streak, weighed down by a 1.3% decline each in conglomerate International Holding Company and its subsidiary Multiply Group.

Saudi Arabia’s benchmark stock index shed 0.6%, closing near its three-month low as a majority of the stocks were trading in red territory.

Losses in the index were due to financial and healthcare sector stocks with index heavyweight Al Rajhi Bank and Dr Sulaiman Al Habib Medical Services Group losing 1.4% and 2.6%, respectively.

Saudi Arabia’s crude oil exports in July fell to 6.012 million barrels per day from 6.804 million bpd in June, official data showed on Monday.

Meanwhile, the Qatari index gained 0.2%, led by a 3.5% jump in Qatar Navigation and 4.8% increase in Mesaieed Petrochemical Holding.

Oil price, a key component of Gulf’ economy, jumped 0.9% to $94.78 a barrel over tighter supply outlook for the rest of the year.

Gains in industrial stocks helped Dubai main index close 0.1% higher, with Air Arabia increasing 3.3% and Gulf Navigation Holding adding 3.7%.

Outside the Gulf, Egypt’s blue-chip index rose 0.4%, finishing at an all-time high, boosted by a 6.1% surge in Misr Fertilizers Production.

The index has gained in nine trading sessions out of 12 this month, according to LSEG data.

Egypt unveiled a plan to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on September 13.

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 SAUDI ARABIA     slid 0.6% to 11,036
 ABU DHABI        down 0.6% to 9,817
 DUBAI            edged up 0.1% to 4,048
 QATAR            added 0.2% to 10,272
 EGYPT            gained 0.4% to 19,752
 BAHRAIN          edged down 0.1% to 1,922
 OMAN             lost 0.02% to 4,711
 KUWAIT           dipped 0.1% to 7,668
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