Sunday 12 November 2023

Gulf bourses mixed as China pessimism offsets higher oil prices | Reuters

Gulf bourses mixed as China pessimism offsets higher oil prices | Reuters


Gulf stock markets put in a mixed performance on Sunday as higher oil prices were offset by worries of faltering demand from China, the world's top crude importer.

Oil prices - a major driver of Gulf financial markets - rose about 2% on Friday as Iraq voiced support for OPEC+ oil cuts ahead of a meeting of the group on Nov. 26. Brent futures settled at $81.43 a barrel.

The Qatari index (.QSI) snapped a three-session losing streak on Sunday with a 0.3% gain. Masraf Al Rayan (MARK.QA) and Qatar Fuel (QFLS.QA) each rose 1.4%.

Saudi Arabia's benchmark index (.TASI) extended losses to a fourth consecutive session, easing 0.1%, with Fawaz Abdulaziz Alhokair Co (4240.SE) falling 9.9% in its steepest drop in more than 13 months.

The retailer reported a third-quarter net loss of 202.9 million riyals ($54.1 million) compared to a net profit of 21.1 million riyals a year earlier.

Saudi Telecom (7010.SE) fell 1.3% and Maharah for Human Resources (1831.SE) was down 8.6%.

Data from China on Thursday showed policymakers struggling to control disinflation, casting doubt over the chances of a broad-based economic recovery in the world's biggest commodity consumer.

Outside the Gulf, Egypt's blue-chip index (.EGX30) fell 1.7%, with Commercial International Bank (COMI.CA) down 2.5% and Misr Fertilizer (MFPC.CA) losing 4.6%.

However, Credit Agricole Egypt (CIEB.CA) gained 3.7% as the lender reported a 121% jump in third quarter consolidated net profit.

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