Most Gulf bourses fall on weak oil, Saudi edges higher
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Most stock markets in the Gulf ended lower on Thursday on weak oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf’s financial markets - reclaimed some ground after falling nearly 4% overnight to their lowest settlements since June, but investors remained concerned about sluggish demand in the United States and China.
Dubai’s main share index fell 0.3%, hit by a 1.4% fall in top lender Emirates NBD and a 2.4% decline in Emirates Central Cooling Systems Corp.
The Dubai stock market continued to record price corrections as traders remained cautious after a period of stagnation. However, the market could find some support after Dubai Taxi Co started trading, said George Khoury, Global Head of Education and Research at CFI.
“Additionally, the non-oil sector in the United Arab Emirates remains on a strong path and could help support sentiment.”
Dubai Taxi Co finished 19.5% higher at 2.21 dirhams er share from the initial public offering price of 1.85 dirham.
- In Abu Dhabi, the index eased 0.1%.
- The Qatari benchmark lost 0.2%, falling for a fifth consecutive session, with Qatar International Islamic Bank dropping 2.1%.
The index posted a weekly loss of 1.9%, its worst week since Oct. 27.
- Saudi Arabia’s benchmark index gained 0.5%, with Al Rajhi Bank gaining 1.5%.
- The Saudi stock market was more stable than its regional counterparts and was able to stay near the levels reached after its latest rebound, said Khoury.
- Outside the Gulf, Egypt’s blue-chip index edged 0.1% lower.
- Egyptian inflation is expected to slow for a second month in November on base effects and moderating food price rises, a Reuters poll showed on Wednesday.
The state statistics agency CAPMAS and the central bank are scheduled to release November inflation data on Sunday.
SAUDI ARABIA |
rose 0.5% to 11,225 |
ABU DHABI |
fell 0.1% to 9,470 |
DUBAI |
down 0.3% to 3,956 |
QATAR |
eased 0.2% to 9,848 |
EGYPT |
lost 0.1% to 24,686 |
BAHRAIN |
was flat at 1,942 |
OMAN |
down 0.1% to 4,594 |
KUWAIT |
closed flat at 7,283 |