Oil settles lower on weak economic Chinese economic data | Reuters
Oil prices settled lower on Monday after disappointing Chinese economic data renewed concerns of a global recession that would be expected to reduce fuel demand.
Brent crude futures settled down $3.05, or 3.1%, to $95.10 a barrel after dropping 1.5% on Friday.
U.S. West Texas Intermediate crude settled down $2.68, or 2.9%, at $89.41 after dropping 2.4% in the previous session.
Brent futures were close to their lowest since before Russia sent troops into Ukraine on Feb. 24, while WTI futures touched their lowest on Monday since early February.
The central bank in China, the world's largest crude importer, cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis. read more
Monday, 15 August 2022
#SaudiArabia's PIF, Cain invest $900 mln in hotelier Aman Group | Reuters
Saudi Arabia's PIF, Cain invest $900 mln in hotelier Aman Group | Reuters
Saud Arabia's Public Investment Fund (PIF) and London-based real estate investment firm Cain International said on Monday they had invested $900 million in luxury hotel group Aman, which Cain said valued Aman at $3 billion.
The PIF and Cain said, in separate announcements, the investment would support Aman Group's "global expansion of ultra-luxury hotels and branded residences." Cain said the funds would also be used to enhance existing properties and support the acquisition and development of new locations.
"Our investment in Aman Group reflects PIF's belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia," PIF Deputy Governor Turqi Alnowaiser was quoted as saying in a tweet by the public fund.
Aman Group has 34 hotels in 20 countries, including 12 branded residences, and another nine properties under development, including in Saudi Arabia and the United States, Cain said.
"As the hospitality landscape continues to evolve, we expect to see a growing desire for travellers and investors alike to prioritize experiences supported by preeminent brands like Aman," Cain Chief Executive Jonathan Goldstein said.
Saud Arabia's Public Investment Fund (PIF) and London-based real estate investment firm Cain International said on Monday they had invested $900 million in luxury hotel group Aman, which Cain said valued Aman at $3 billion.
The PIF and Cain said, in separate announcements, the investment would support Aman Group's "global expansion of ultra-luxury hotels and branded residences." Cain said the funds would also be used to enhance existing properties and support the acquisition and development of new locations.
"Our investment in Aman Group reflects PIF's belief in the current potential of the hospitality and tourism industry, both internationally and in Saudi Arabia," PIF Deputy Governor Turqi Alnowaiser was quoted as saying in a tweet by the public fund.
Aman Group has 34 hotels in 20 countries, including 12 branded residences, and another nine properties under development, including in Saudi Arabia and the United States, Cain said.
"As the hospitality landscape continues to evolve, we expect to see a growing desire for travellers and investors alike to prioritize experiences supported by preeminent brands like Aman," Cain Chief Executive Jonathan Goldstein said.
#Dubai Mall owner Emaar to discuss selling its e-commerce business | Reuters
Dubai Mall owner Emaar to discuss selling its e-commerce business | Reuters
The board of Dubai's Emaar Properties (EMAR.DU), which owns the Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said on Monday.
The meeting, disclosed in a statement, will be held a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects.
Emaar, known for building the world's tallest tower, the Burj Khalifa, and other iconic parts of Dubai, bought Namshi for a total of $281 million after first acquiring a 51% stake in 2017 before buying the remaining 49% in 2019.
Reuters reported in August 2021 the developer was considering options to sell the e-commerce fashion business.
Last week, Emaar announced it would buy out Dubai Holding from their joint Dubai Creek Harbour development in a $2 billion deal equally financed by cash and Emaar Properties shares.
The deal would make Dubai Holding, the private investment vehicle of Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, the second largest shareholder in Emaar, the developer said.
Sheikh Mohammed bin Rashid is also the vice president and prime minister of the United Arab Emirates.
Emaar's largest shareholder is the Dubai government, which holds the 24% stake through its sovereign wealth fund.
#Qatar-Backed Martial Arts Company Group One Eyeing US IPO, Sources Say - Bloomberg
Qatar-Backed Martial Arts Company Group One Eyeing US IPO, Sources Say - Bloomberg
Group One Holdings, the company behind mixed martial arts brand One Championship, is considering a US initial public offering after previously exploring a listing via a blank-check firm, according to people familiar with the matter.
Group One is changing its legal domicile to the Cayman Islands from its current one in Singapore as a step towards a potential US listing, the people said, asking not to be identified because the matter is private. The company plans to notify the Accounting and Corporate Regulatory Authority, the Singaporean regulator, as early as Monday, the people said.
The MMA firm in December raised $150 million in an equity financing round led by Guggenheim Investments and Qatar Investment Authority. The round gave Group One a post-money valuation of $1.35 billion, the people said.
Group One will use the funding from the December round to boost its growth strategy, including diversifying its content offerings and expand outside Asia.
No specific timeline for a possible IPO has been set and the company could also explore other ways of financing, the people said.
“We’re entering a new stage of global growth, which means structuring the company appropriately to take advantage of the various strategic opportunities ahead of us,” Hua Fung Teh, president of Group One, said in an interview.
The parent company of One Championship had been considering options including seeking a listing in the US via a merger with a special purpose acquisition company, Bloomberg News reported last year. The Singaporean sports media firm had picked Credit Suisse Group AG and Goldman Sachs Group Inc. to help prepare for the potential listing, the people said at the time.
Group One Holdings, the company behind mixed martial arts brand One Championship, is considering a US initial public offering after previously exploring a listing via a blank-check firm, according to people familiar with the matter.
Group One is changing its legal domicile to the Cayman Islands from its current one in Singapore as a step towards a potential US listing, the people said, asking not to be identified because the matter is private. The company plans to notify the Accounting and Corporate Regulatory Authority, the Singaporean regulator, as early as Monday, the people said.
The MMA firm in December raised $150 million in an equity financing round led by Guggenheim Investments and Qatar Investment Authority. The round gave Group One a post-money valuation of $1.35 billion, the people said.
Group One will use the funding from the December round to boost its growth strategy, including diversifying its content offerings and expand outside Asia.
No specific timeline for a possible IPO has been set and the company could also explore other ways of financing, the people said.
“We’re entering a new stage of global growth, which means structuring the company appropriately to take advantage of the various strategic opportunities ahead of us,” Hua Fung Teh, president of Group One, said in an interview.
The parent company of One Championship had been considering options including seeking a listing in the US via a merger with a special purpose acquisition company, Bloomberg News reported last year. The Singaporean sports media firm had picked Credit Suisse Group AG and Goldman Sachs Group Inc. to help prepare for the potential listing, the people said at the time.
Most Gulf markets fall; #Saudi index gains | Reuters
Most Gulf markets fall; Saudi index gains | Reuters
Most stock markets in the Gulf ended lower on Monday as investors secured gains amid falling oil prices, but the Saudi index bucked the trend to close higher.
Oil prices, a key catalyst for the Gulf's financial markets, fell by more than $4 a barrel on demand fears as disappointing Chinese economic data renewed global recession concerns.
In Abu Dhabi, the index (.FTFADGI) dropped 0.5%, retreating further from the record high reached on Thursday, with conglomerate International Holding Co (IHC.AD) losing 0.6%.
Advertisement · Scroll to continue
The Qatari benchmark (.QSI) fell 0.7%, ending three sessions of gains, hit by a 2.1% fall in Qatar Islamic Bank (QISB.QA).
Among other losers, Baladna (BLDN.QA) dropped more than 3%, as the dairy firm's first-half profit nearly halved.
Saudi Arabia's benchmark index (.TASI) closed 0.2% higher in volatile trading, lifted by a 2.9% gain in Yanbu Cement Co (3060.SE)
Saudi Arabia's consumer price index rose 2.7% in July from a year earlier, government data showed on Monday, increasing from 2.3% in June. read more
The food and beverages segment rose 3.9%, mainly due to higher food and meat prices in particular, which rose as much as 5.1%, the General Authority for Statistics said in a statement.
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU) clawing back some of the previous session's losses.
On Thursday, Emaar said it had reached a deal with Dubai Holding to buy its stake in their Dubai Creek Harbour joint venture for a total consideration of 7.50 billion dirhams ($2.04 billion).
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.7%, weighed down by a 1.3% fall in E-Finance for Digital and Financial Investment (EFIH.CA).
The Egyptian stock market continued to see some price corrections after the large rally at the beginning of the month, said Wael Makarem, senior market strategist at Exness.
"The market could trade sideways until the Egyptian central bank's next meeting this week."
Most stock markets in the Gulf ended lower on Monday as investors secured gains amid falling oil prices, but the Saudi index bucked the trend to close higher.
Oil prices, a key catalyst for the Gulf's financial markets, fell by more than $4 a barrel on demand fears as disappointing Chinese economic data renewed global recession concerns.
In Abu Dhabi, the index (.FTFADGI) dropped 0.5%, retreating further from the record high reached on Thursday, with conglomerate International Holding Co (IHC.AD) losing 0.6%.
Advertisement · Scroll to continue
The Qatari benchmark (.QSI) fell 0.7%, ending three sessions of gains, hit by a 2.1% fall in Qatar Islamic Bank (QISB.QA).
Among other losers, Baladna (BLDN.QA) dropped more than 3%, as the dairy firm's first-half profit nearly halved.
Saudi Arabia's benchmark index (.TASI) closed 0.2% higher in volatile trading, lifted by a 2.9% gain in Yanbu Cement Co (3060.SE)
Saudi Arabia's consumer price index rose 2.7% in July from a year earlier, government data showed on Monday, increasing from 2.3% in June. read more
The food and beverages segment rose 3.9%, mainly due to higher food and meat prices in particular, which rose as much as 5.1%, the General Authority for Statistics said in a statement.
Dubai's main share index (.DFMGI) edged 0.1% higher, helped by a 1.1% rise in blue-chip developer Emaar Properties (EMAR.DU) clawing back some of the previous session's losses.
On Thursday, Emaar said it had reached a deal with Dubai Holding to buy its stake in their Dubai Creek Harbour joint venture for a total consideration of 7.50 billion dirhams ($2.04 billion).
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.7%, weighed down by a 1.3% fall in E-Finance for Digital and Financial Investment (EFIH.CA).
The Egyptian stock market continued to see some price corrections after the large rally at the beginning of the month, said Wael Makarem, senior market strategist at Exness.
"The market could trade sideways until the Egyptian central bank's next meeting this week."
Oil Extends Losses as Traders Weigh China Outlook, Iran Supply - Bloomberg
Oil Extends Losses as Traders Weigh China Outlook, Iran Supply - Bloomberg
Oil extended losses at the start of the week as traders weighed concerns about Chinese demand and the prospect for more Iranian supply.
West Texas Intermediate dropped near $88 a barrel, falling as much as 4.3%, with markets selling off as China’s surprise cut in key interest rates boosts support for an economy hit by virus lockdowns and property woes. The nation’s apparent oil demand last month was about 10% lower year-on-year.
“We’re really seeing where China’s economy is at and it’s a lot less rosy than people had hoped, consumption is going to be lower than anticipated, certainly for oil,” Sucden Financial head of research Geordie Wilkes said by phone.
PRICES:
|
|---|
West Texas Intermediate dropped near $88 a barrel, falling as much as 4.3%, with markets selling off as China’s surprise cut in key interest rates boosts support for an economy hit by virus lockdowns and property woes. The nation’s apparent oil demand last month was about 10% lower year-on-year.
“We’re really seeing where China’s economy is at and it’s a lot less rosy than people had hoped, consumption is going to be lower than anticipated, certainly for oil,” Sucden Financial head of research Geordie Wilkes said by phone.
#Saudi Oil Windfall Tops $65 Billion Even Without Dividend Hike - Bloomberg
Saudi Oil Windfall Tops $65 Billion Even Without Dividend Hike - Bloomberg
The Saudi government’s oil income almost doubled in the second quarter even as state-controlled producer Aramco held dividends unchanged.
The oil giant made payments to the government -- its 94% shareholder -- of more than $65 billion in the period, up from $35 a year earlier, according to financial statements released Monday. That’s a combination of dividends, income taxes and royalties on oil production.
Despite efforts to diversify the economy, Saudi Arabia’s crude is still the major source of government revenue. Soaring prices are set to give the country its first budget surplus in almost a decade, even without Aramco boosting shareholder payouts, most of which go to the government.
Under a system introduced in January 2020, Aramco pays a royalty of 80% on Brent crude prices above $100 a barrel, and 45% when oil’s at $70 to $100. Benchmark futures jumped above $100 a barrel in March following Russia’s invasion of Ukraine, and stayed above or near that level until the end of July.
The Saudi government’s oil income almost doubled in the second quarter even as state-controlled producer Aramco held dividends unchanged.
The oil giant made payments to the government -- its 94% shareholder -- of more than $65 billion in the period, up from $35 a year earlier, according to financial statements released Monday. That’s a combination of dividends, income taxes and royalties on oil production.
Despite efforts to diversify the economy, Saudi Arabia’s crude is still the major source of government revenue. Soaring prices are set to give the country its first budget surplus in almost a decade, even without Aramco boosting shareholder payouts, most of which go to the government.
Under a system introduced in January 2020, Aramco pays a royalty of 80% on Brent crude prices above $100 a barrel, and 45% when oil’s at $70 to $100. Benchmark futures jumped above $100 a barrel in March following Russia’s invasion of Ukraine, and stayed above or near that level until the end of July.
#Israel's Bank Hapoalim beats profit expectations, resumes dividends | Reuters
Israel's Bank Hapoalim beats profit expectations, resumes dividends | Reuters
Bank Hapoalim (POLI.TA) reported a smaller-than-expected fall in quarterly profit while returning to dividend payouts and loan default provisions.
One of Israel's two largest lenders, Hapoalim reported a net profit of 1.34 billion shekels ($414 million) for the April-June quarter, beating the 1.26 billion forecast by analysts in a Reuters poll but down from 1.42 billion a year earlier.
Net interest income rose 27% to 3.19 billion shekels helped by higher inflation levels and Bank of Israel interest rate increases.
With inflation rising above 4%, the central bank in April began to raise its benchmark interest rate, bringing it to 1.25% in July from 0.1% in April.
Bank Hapoalim (POLI.TA) reported a smaller-than-expected fall in quarterly profit while returning to dividend payouts and loan default provisions.
One of Israel's two largest lenders, Hapoalim reported a net profit of 1.34 billion shekels ($414 million) for the April-June quarter, beating the 1.26 billion forecast by analysts in a Reuters poll but down from 1.42 billion a year earlier.
Net interest income rose 27% to 3.19 billion shekels helped by higher inflation levels and Bank of Israel interest rate increases.
With inflation rising above 4%, the central bank in April began to raise its benchmark interest rate, bringing it to 1.25% in July from 0.1% in April.
Ma’aden reports $1.65bln profits in H1-22 interim results
Ma’aden reports $1.65bln profits in H1-22 interim results
Saudi Arabian Mining Company (Ma’aden) recorded a 232.32% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 6.20 billion during the first half (H1) of 2022, compared to SAR 1.86 billion.
Ma’aden generated revenues of SAR 20.79 billion in the first six months (6M) of 2022, an annual hike of 79.98% from SAR 11.55 billion, according to the initial financial results.
The earnings per share (EPS) surged to SAR 2.52 in H1-22 from SAR 0.76 in H1-21.
During the second quarter (Q2) of 2022, the net profit after Zakat and tax reached SAR 4.02 billion, higher by 264.69% than SAR 1.10 billion in Q2-21.
The Q2-22 revenues increased by 94.64% YoY to SAR 11.87 billion, versus SAR 6.10 billion.
In January-March 2022, the Saudi listed firm’s net profits after Zakat and tax jumped by 185.34% to SAR 2.17 billion, compared to SAR 761.15 million in the year-ago period.
Saudi Arabian Mining Company (Ma’aden) recorded a 232.32% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 6.20 billion during the first half (H1) of 2022, compared to SAR 1.86 billion.
Ma’aden generated revenues of SAR 20.79 billion in the first six months (6M) of 2022, an annual hike of 79.98% from SAR 11.55 billion, according to the initial financial results.
The earnings per share (EPS) surged to SAR 2.52 in H1-22 from SAR 0.76 in H1-21.
During the second quarter (Q2) of 2022, the net profit after Zakat and tax reached SAR 4.02 billion, higher by 264.69% than SAR 1.10 billion in Q2-21.
The Q2-22 revenues increased by 94.64% YoY to SAR 11.87 billion, versus SAR 6.10 billion.
In January-March 2022, the Saudi listed firm’s net profits after Zakat and tax jumped by 185.34% to SAR 2.17 billion, compared to SAR 761.15 million in the year-ago period.
#Dubai's ENBD REIT says real estate market has 'turned corner'
Dubai's ENBD REIT says real estate market has 'turned corner'
ENBD REIT, the real estate investment trust managed by Emirates NBD Asset Management, has seen higher leasing activity across its portfolio, as real estate market conditions continue to improve.
Occupancy levels for the quarter ended June 30, 2022 reached 83%, up from 75% a year ago and 80% at the end of 2021, according to a statement on Monday.
Some of the residential assets posted 100% occupancy, while the office portfolio recorded 75%. Gross rental income also improved slightly to $7.5 million.
However, when taking into account the $5 million final dividend payment in July, the trust's net asset value fell to $165.6 million from $166.9 million in the previous quarter.
Without the dividend payment, NAV increased by 2.3, the first quarterly increase in portfolio valuation since the second quarter of 2018.
The first valuation increase in four years demonstrates the "improvements in overall occupancy, as well as improved market conditions", according to Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
"Looking ahead, we believe that the real estate market has now showed consistent signs of having turned the corner while the impact of the increasing interest rate environment has been partially mitigated by the successful refinancing of our entire debt facility terms in late 2021," Taylor added.
ENBD REIT, the real estate investment trust managed by Emirates NBD Asset Management, has seen higher leasing activity across its portfolio, as real estate market conditions continue to improve.
Occupancy levels for the quarter ended June 30, 2022 reached 83%, up from 75% a year ago and 80% at the end of 2021, according to a statement on Monday.
Some of the residential assets posted 100% occupancy, while the office portfolio recorded 75%. Gross rental income also improved slightly to $7.5 million.
However, when taking into account the $5 million final dividend payment in July, the trust's net asset value fell to $165.6 million from $166.9 million in the previous quarter.
Without the dividend payment, NAV increased by 2.3, the first quarterly increase in portfolio valuation since the second quarter of 2018.
The first valuation increase in four years demonstrates the "improvements in overall occupancy, as well as improved market conditions", according to Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management.
"Looking ahead, we believe that the real estate market has now showed consistent signs of having turned the corner while the impact of the increasing interest rate environment has been partially mitigated by the successful refinancing of our entire debt facility terms in late 2021," Taylor added.
Oil sheds more than $1 as China data disappoints | Reuters
Oil sheds more than $1 as China data disappoints | Reuters
Oil prices dropped for a second session on Monday as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Brent crude futures fell $1.14, or 1.2%, to $97.01 a barrel by 0631 GMT after settling 1.5% lower on Friday. U.S. West Texas Intermediate crude was at $91.03 a barrel, down $1.06, or 1.2%, after a 2.4% drop in the previous session.
China's economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed. read more
"The official data suggests that oil demand is weakening as domestic logistics and consumer demand are deterred by the record high oil pump prices," said Heron Lin, an economist at Moody's Analytics.
Oil prices dropped for a second session on Monday as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Brent crude futures fell $1.14, or 1.2%, to $97.01 a barrel by 0631 GMT after settling 1.5% lower on Friday. U.S. West Texas Intermediate crude was at $91.03 a barrel, down $1.06, or 1.2%, after a 2.4% drop in the previous session.
China's economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed. read more
"The official data suggests that oil demand is weakening as domestic logistics and consumer demand are deterred by the record high oil pump prices," said Heron Lin, an economist at Moody's Analytics.
Desert Nation #UAE Uses Hydroponics, Vertical Farming to Feed Livestock - Bloomberg
Desert Nation UAE Uses Hydroponics, Vertical Farming to Feed Livestock - Bloomberg
The United Arab Emirates is turning to vertical farming and hydroponics to produce food for local livestock as the desert nation tries to reduce its reliance on imports and shield itself from disruptions to global supply chains.
Abu Dhabi-based startup World of Farming will begin building on-site operations at local farms later this year to provide fodder for meat and dairy producers that currently rely on imports for as much as 80% to 90% of their animal feed, said Faris Mesmar, chief executive officer of Hatch & Boost Ventures, a venture capital firm that launches and scales its own startups.
“This region doesn’t have a lot of arable land and the dependency on imports is becoming an issue for all local privately held and commercial farms,” said Mesmar in an interview. Local livestock producers “find themselves with no consistent access with food to feed their animals.”
Land or resource-scarce countries from the Middle East to Asia are increasingly seeking to insulate themselves against food shocks and global supply chain disruptions caused by the pandemic, politics and extreme weather. Russia’s invasion of Ukraine has disrupted supplies from one of the world’s top grain exporters, while heat waves have been wilting crops in Europe and the US.
The United Arab Emirates is turning to vertical farming and hydroponics to produce food for local livestock as the desert nation tries to reduce its reliance on imports and shield itself from disruptions to global supply chains.
Abu Dhabi-based startup World of Farming will begin building on-site operations at local farms later this year to provide fodder for meat and dairy producers that currently rely on imports for as much as 80% to 90% of their animal feed, said Faris Mesmar, chief executive officer of Hatch & Boost Ventures, a venture capital firm that launches and scales its own startups.
“This region doesn’t have a lot of arable land and the dependency on imports is becoming an issue for all local privately held and commercial farms,” said Mesmar in an interview. Local livestock producers “find themselves with no consistent access with food to feed their animals.”
Land or resource-scarce countries from the Middle East to Asia are increasingly seeking to insulate themselves against food shocks and global supply chain disruptions caused by the pandemic, politics and extreme weather. Russia’s invasion of Ukraine has disrupted supplies from one of the world’s top grain exporters, while heat waves have been wilting crops in Europe and the US.
Mideast Stocks: Most Gulf markets track lower oil prices
Mideast Stocks: Most Gulf markets track lower oil prices
Most major stock markets in the Gulf fell in early trade on Monday as oil prices declined, with the Qatari index on course to snap a three-session gaining streak.
Crude prices, a key catalyst for the Gulf's financial markets, dropped for a second session as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Saudi Arabia's benchmark index eased 0.1%, with Retal Urban Development Co dropping 0.3% and Banque Saudi Fransi retreating 1%.
Among other losers, oil giant Saudi Aramco lost 0.3%, despite reporting a sharp rise in quarterly profit.
Aramco stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day if requested to do so by the Saudi Arabian government, Chief Executive Amin Nasser told reporters on Sunday.
This might have a short-term effect on the stock price, only to see a potential bull run over the decade, said Farah Mourad, senior market analyst at XTB MENA.
In Abu Dhabi, the index dropped 0.7%, extending losses from the previous session, hit by a 0.9% fall in conglomerate International Holding.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after China's central bank trimmed key lending rates as a raft of economic data missed forecasts and underlined the need for more stimulus to support the world's second largest economy.
The Qatari benchmark retreated 1%, and was on track to end a three-session gaining streak, as most of the stocks on the index were in negative territory including Qatar Islamic Bank, which was down 2.3%.
Elsewhere, dairy firm Baladna slid 3.6%, after reporting a steep fall in first-half net profit.
Dubai's main share index, however, bucked the trend to rise 0.1%, helped by a 0.7% gain in blue-chip developer Emaar Properties.
Most major stock markets in the Gulf fell in early trade on Monday as oil prices declined, with the Qatari index on course to snap a three-session gaining streak.
Crude prices, a key catalyst for the Gulf's financial markets, dropped for a second session as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Saudi Arabia's benchmark index eased 0.1%, with Retal Urban Development Co dropping 0.3% and Banque Saudi Fransi retreating 1%.
Among other losers, oil giant Saudi Aramco lost 0.3%, despite reporting a sharp rise in quarterly profit.
Aramco stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day if requested to do so by the Saudi Arabian government, Chief Executive Amin Nasser told reporters on Sunday.
This might have a short-term effect on the stock price, only to see a potential bull run over the decade, said Farah Mourad, senior market analyst at XTB MENA.
In Abu Dhabi, the index dropped 0.7%, extending losses from the previous session, hit by a 0.9% fall in conglomerate International Holding.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, after China's central bank trimmed key lending rates as a raft of economic data missed forecasts and underlined the need for more stimulus to support the world's second largest economy.
The Qatari benchmark retreated 1%, and was on track to end a three-session gaining streak, as most of the stocks on the index were in negative territory including Qatar Islamic Bank, which was down 2.3%.
Elsewhere, dairy firm Baladna slid 3.6%, after reporting a steep fall in first-half net profit.
Dubai's main share index, however, bucked the trend to rise 0.1%, helped by a 0.7% gain in blue-chip developer Emaar Properties.
Oil sheds more than $1 as China data disappoints | Reuters
Oil sheds more than $1 as China data disappoints | Reuters
Oil prices dropped for a second session on Monday as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Brent crude futures fell $1.14, or 1.2%, to $97.01 a barrel by 0631 GMT after settling 1.5% lower on Friday. U.S. West Texas Intermediate crude was at $91.03 a barrel, down $1.06, or 1.2%, after a 2.4% drop in the previous session.
China's economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed. read more
"The official data suggests that oil demand is weakening as domestic logistics and consumer demand are deterred by the record high oil pump prices," said Heron Lin, an economist at Moody's Analytics.
Oil prices dropped for a second session on Monday as weak China economic data triggered concerns about demand at the world's largest crude importer while the head of the world's top exporter, Saudi Aramco, said it was ready to ramp up output.
Brent crude futures fell $1.14, or 1.2%, to $97.01 a barrel by 0631 GMT after settling 1.5% lower on Friday. U.S. West Texas Intermediate crude was at $91.03 a barrel, down $1.06, or 1.2%, after a 2.4% drop in the previous session.
China's economy unexpectedly slowed in July, while refinery output slipped to 12.53 million barrels per day, its lowest since March 2020, government data showed. read more
"The official data suggests that oil demand is weakening as domestic logistics and consumer demand are deterred by the record high oil pump prices," said Heron Lin, an economist at Moody's Analytics.
Subscribe to:
Posts (Atom)