Most stock markets in Middle East ended mixed on Thursday with the UAE leading the losses, while Qatar saw its best day since January 2021 after closing flat in previous session.

Gulf Cooperation Council stock markets mostly fell under the weight of the global selling pressures as recession fears in the United States and Europe continued to be a negative factor, said Fadi Reyad, Market Analyst at CAPEX.com MENA.

Gulf stocks drop as inflation fears hit sentiment

In Abu Dhabi, the index fell 0.7%, extending losses to a seventh session in a row, as largest lender First Abu Dhabi Bank dipped 0.7% and e& (formerly Etisalat Group) declined 2.2%.

Dubai’s main share index retreated 0.7%, weighed down by a 1.2% fall in Sharia-compliant lender Dubai Islamic Bank and a 1.1% drop for top lender Emirates NBD.

Separately, Dubai plans to sell a 12.5% stake in business park operator TECOM Group in an initial public offering (IPO), the company said in a statement.

Dubai business park operator TECOM plans July listing

Saudi Arabia’s benchmark index edged 0.1% higher, as financial stocks recovered from earlier losses, with Banque Saudi Fransi and Al Rajhi Bank leading the gains.

Alkhorayef Water And Power Technologies closed 1.4% up after signing 1.86 billion riyals ($496 million) worth of contracts with the Ministry of Environment, Water and Agriculture.

The stock rose as much as 2.9% in Thursday’s trading.

The Qatari index advanced 1%, however, its biggest intraday gain since January 11, 2021, boosted by financial stocks as Qatar Islamic Bank climbed 3.2%.

Outside the Gulf, the Egypt index ended flat after surging 1.9% in previous session.

Egypt’s annual urban consumer inflation accelerated to 13.5% year-on-year in May from 13.1% in April, data from the state statistics agency CAPMAS showed on Thursday.

SAUDI ARABIA rose 0.1% to 12,604 Points

ABU DHABI down 0.7% to 9,593 Points

DUBAI 0.7% at 3,374 Points

QATAR 1% to 13,099 Points

EGYPT was flat at 10,235 Points

BAHRAIN was flat to 1,883 Points

OMAN edged up 0.1% at 4,135 Points

KUWAIT eased 0.2% to 8,437 Points