Saudi Arabia leads most Gulf bourses lower; Abu Dhabi gains | Reuters
Saudi Arabia led a decline in most Gulf stock markets on Thursday as investors fled riskier assets on worries about global inflation, China's zero-COVID policy and the Ukraine war.
The main stock index in Saudi Arabia (.TASI) dropped 2.7%, mirroring weakness in global peers after an overnight selloff on Wall Street.
Losses were concentrated in Al Rajhi Bank (1120.SE) and oil behemoth Saudi Aramco (2222.SE), both of which fell nearly 3%. Saudi Electricity (5110.SE) tumbled 5.5% to extend losses from Wednesday when it reported a drop in quarterly net profit.
In Dubai, the main share index (.DFMGI) was 1.1% lower, hit by a 1.4% fall in blue-chip developer Emaar Properties (EMAR.DU) and a 1.3% slide in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
The Qatar index (.QSI) retreated 2.5%, with almost all the stocks trading in negative territory including Qatar National Bank (QNBK.QA), the Gulf's biggest lender, down 4.6%.
Bucking the trend, the Abu Dhabi index (.FTFADGI) advanced 1%, buoyed by a 7.6% rise in International Holding Co (IHC) (IHC.AD).
IHC, chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser of the United Arab Emirates, had gained 6.7% in the previous session after completing a 7.3-billion dirham ($1.99 billion) investment deal for three Adani companies.
Separately, Abu Dhabi National Oil Company (ADNOC) and its Austrian chemicals partner Borealis plan an initial public offering of their petrochemicals joint venture Borouge, the latest step in the Abu Dhabi state energy group's asset monetisation programme. read more
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