Mideast Stocks: Gulf markets slip on weaker earnings; #Dubai hits four-month low

Mideast Stocks: Gulf markets slip on weaker earnings; Dubai hits four-month low

Most stock markets in the Gulf dropped on Wednesday, led by the Dubai index, on weaker corporate results, while lower oil prices also dampened investor sentiment.

Dubai's benchmark index dropped 1.1% to 4,093, its lowest level in nearly four months, with all constituents posting losses, led by consumer staples, industry and real estate stocks. The tolls operator Salik Company slipped 2.3%, and Emaar Properties fell 1% after the blue-chip developer posted a 9% drop in its first-quarter net profit.

In Abu Dhabi, the benchmark index retreated 0.4%, with conglomerate Alpha Dhabi dropping 2.2% and First Abu Dhabi Bank, the UAE's largest lender, shedding 1%. Among other losers, Abu Dhabi National Energy Co slid 1.4% after the state-owned power and water utility posted an 81.8% decline in its first-quarter net profit.

The Qatari benchmark index was down 0.2%, pressured by a 1% drop in Qatar National Bank, the region's largest lender, and a 0.7% loss in Industries Qatar.

Saudi Arabia's benchmark stock index dropped 0.2% to 12,103, its lowest level in over there months, with most sectors in the red. Saudi National Bank, the kingdom's largest lender, fell 1.1% and oil giant Saudi Aramco slipped 1.7%. Saudi Research And Media Group dropped 4.2% after the integrated media firm posted a 28% decrease in its quarterly net profit.

Oil prices, a catalyst for the Gulf's financial markets, dipped 0.3% as the International Energy Agency trimmed its forecast for 2024 oil demand growth.

Outside the Gulf, Egypt's blue-chip index eased 0.1%, with most sectors in the negative territory. Talaat Mostafa Group fell 1.3% and Egypt Kuwait Holding dropped 3.1% after the investment firm posted a dip in quarterly net profit.