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.
In Abu Dhabi, the index (.FTFADGI) fell 0.7%, extending losses to a seventh session in a row, as largest lender First Abu Dhabi Bank (FAB.AD) dipped 0.7% and e& (formerly Etisalat Group) (ETISALAT.AD) declined 2.2%.
Dubai's main share index (.DFMGI) retreated 0.7%, weighed down by a 1.2% fall in Sharia-compliant lender Dubai Islamic Bank (DISB.DU) and a 1.1% drop for top lender Emirates NBD (ENBD.DU).
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. (nL1N2XW05S)
Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, as financial stocks recovered from earlier losses, with Banque Saudi Fransi (1050.SE) and Al Rajhi Bank (1120.SE) leading the gains.
Alkhorayef Water And Power Technologies (2081.SE) 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 (.QSI) advanced 1%, however, its biggest intraday gain since January 11, 2021, boosted by financial stocks as Qatar Islamic Bank (QISB.QA) climbed 3.2%.
Outside the Gulf, the Egypt index (.EGX30) 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. read more
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