Major Gulf markets ease on weak oil, lackluster earnings
- Saudi Arabia's benchmark index dropped 0.3%, hit by a 1.2% fall in Al Rajhi Bank and a 0.6% decrease in Saudi National Bank
Major stock markets in the Gulf were subdued on Monday on soft oil prices and disappointing corporate earnings.
Saudi Arabia’s benchmark index dropped 0.3%, hit by a 1.2% fall in Al Rajhi Bank and a 0.6% decrease in Saudi National Bank, the country’s biggest lender by assets.
Elsewhere, Al Khaleej Training and Education Co plunged 10%, following a decrease in third-quarter profit. Crude prices - a catalyst for the Gulf’s financial markets - rose on optimism that the US government shutdown could end soon and lift demand in the world’s top oil consumer, offsetting concerns about rising supplies globally.
Dubai’s main share index eased 0.1%, with blue-chip developer Emaar Properties losing 0.7%.
Most Gulf markets gain ahead of earnings, US data
In Abu Dhabi, the index was down 0.1%, pressured by a 0.6% decline in Aldar Properties.
However, Fertiglobe - the largest producer of nitrogen fertilisers in the Middle East and North Africa - advanced 1.7%, after the firm turned to quarterly profit.
The Qatari index added 0.2%, helped by a 0.5% increase in Qatar Islamic Bank.
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