Most gulf markets traded on the back foot on Thursday and Saudi Arabia fell deeper in the red as a global slowdown stoked fears on oil demand, tumbling its prices to multi-month lows.
Saudi Arabia’s benchmark index settled 0.3% lower and ran into a fourth straight loss after its financial and energy shares came under selling pressure.
Saudi National Bank shed 1.9% and oil giant Saudi Aramco lost 1%.
The Dubai index dropped 0.7% and was heading for a second consecutive weekly decline. Financial shares led most other sectors lower.
The region’s trade and tourism hub is facing headwinds from slower-than-expected growth this year and next in its property prices.
The rising inflationary trends and higher interest rates globally are staving off particularly foreigners from buying properties in the emirate that counts real estate a key sector.
The Abu Dhabi index gained 0.7% after recent waves of sales turned the market attractive for investors looking to buy into weakness.
Gulf equities slide on volatile oil; Abu Dhabi gains
“The Abu Dhabi stock market rebounded after accumulating losses for almost a month,” said Ahmed Ayoub, chief business development office at Trader’s Hub. “Traders could push the market to the upside to a certain extent after this price correction phase”.
The two back-to-back sessions of gains have put the index on track for a weekly upswing after languishing in the red for three straight weeks.
Egypt’s blue-chip index edged 0.3% higher as most sectors settled in positive territory on the back of foreign capital flows. Rising consumer prices, shooting up nearly 15% in the last month, however, capped the index gains.
The Egyptian stock market rebounded to a certain extent thanks to an influx of international investors. However, the market remains under pressure as inflation continues to rise, added Ayoub.
========================================== SAUDI ARABIA fell 0.3% to 11,834 ABU DHABI rose 0.7% to 9,786 DUBAI dropped 0.7% to 3,359 QATAR was near flat at 12,949 EGYPT gained 0.3% to 10,265 BAHRAIN edged up 0.2% to 1,928 OMAN lost 0.2% to 4,513 KUWAIT dropped 0.3% to 8,421==========================================