Major stock markets in the Gulf dropped on Thursday on falling oil prices after the postponing of an OPEC+ meeting stoked speculation the group might not deepen output cuts next year.
Oil prices - a catalyst for the Gulf's financial markets - slipped on Thursday after the Organization of the Petroleum Exporting Countries and allies including Russia in a surprise move on Wednesday delayed a ministerial meeting to Nov. 30.
Producers were struggling to agree on output levels ahead of the meeting originally set for Nov. 26, OPEC+ sources said.
Brent futures were down 0.9% at $81.925 a barrel by 1300 GMT, after falling as much as 4% on Wednesday.
Dubai's benchmark index (.DFMGI) fell 0.3%, contrasting with the previous session's gain, weighed down by a 2.3% decline in Emirates Central Cooling Systems Corp (EMPOWER.DU) and a 0.9% drop in Dubai Islamic Bank (DISB.DU).
Saudi Arabia's benchmark index (.TASI) was down for a second straight session and ended 0.2% lower, with most sectors in the red.
Saudi Arabian Mining (1211.SE) slid 2.2% and oil major Saudi Aramco (2222.SE) lost 0.2%.
The Qatari index (.QSI) fell 0.1%, dragged down by losses in industry, energy and materials sectors, with Industries Qatar (IQCD.QA) slipping 1% and Qatar Gas Transport Nakilat Co (QGTS.QA) dropping 1.2%.
In Abu Dhabi, the benchmark index (.FTFADGI) ended flat, with ADNOC Gas (ADNOCGAS.AD) dropping 2.4% while the UAE's largest lender First Abu Dhabi Bank (FAB.AD) gained 0.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) extended its rally to a third session and ended 2% higher, with almost all sectors in the green.
Commercial International Bank (COMI.CA) surged 5.1% and EFG Holding (HRHO.CA) rose 3.3%.
No comments:
Post a Comment