Major stock markets in the Gulf closed lower on Wednesday amid falling oil prices, as investors remained cautious ahead of Sunday’s scheduled OPEC+ meeting.
Oil prices - a catalyst for the Gulf’s financial markets - declined 2.7% as traders awaited news from the OPEC+ producers group which is likely to extend or even deepen oil supply cuts into next year.
Brent was trading at $80.22 a barrel by 1300 GMT.
Saudi Arabia’s benchmark index fell 0.3%, weighed down by a 2.2% slide in the Kingdom’s largest lender Saudi National Bank and a 2.9% decline in Almunajem Foods.
In Abu Dhabi, the benchmark index was down for a second consecutive session, ending 0.1% lower, with Q Holding dropping 2.1% and UAE’s largest lender First Abu Dhabi Bank declining by 1.3%.
The Qatari index fell marginally as the gains in most sectors limited loses in finance and consumer staples sectors.
Major Gulf markets mixed; focus on Fed minutes
Industries Qatar added 0.5% and Qatar Electricity and Water gained 0.9%, while Qatar International Islamic Bank and Baladna shed 1.7% and 1.8%, respectively.
Dubai’s benchmark index was up 0.3%, ending the previous session’s losses, aided by a 1% gain in tolls operator Salik and a 1.9% rise in Tecom Group.
Outside the Gulf, Egypt’s blue-chip index extended its rally to a second session and ended 1% higher with most sectors in the green.
Commercial International Bank gained 1.3% and Talaat Mostafa Group Holding Co surged 4.2%.
======================================= SAUDI ARABIA fell 0.3% to 11,100 KUWAIT added 0.1% to 7,302 QATAR lost 0.03% to 10,223 EGYPT was up 1% to 25,030 BAHRAIN added 0.1% to 1,948 OMAN Closed ABU DHABI dropped 0.1% to 9,533 DUBAI gained 0.3% to 3,997 =======================================
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