Most stock markets in the Gulf were subdued in early trade on Wednesday as oil price fell, though Qatar's index edged up on strong corporate earnings.
Oil prices, a catalyst for the Gulf's financial markets, declined for a third day amid increasing hopes of a ceasefire agreement in the Gaza conflict, and on rising crude inventories and production in the U.S.
Brent was down 1.3% at $85.23 a barrel by 0815 GMT.
Dubai's benchmark stock index (.DFMGI), opens new tab was 0.3% lower, pressured by losses in the real estate, consumer discretionary and utilities sectors, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab dropping 5.6% and Tecom Group (TECOM.DU), opens new tab sliding 1.8%.
Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.3% in early trade, with most of its constituents posting losses, led by consumer staples, real estate and finance.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, slipped 0.6% and Savola Group (2050.SE), opens new tab dropped 1.7%.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab slipped 0.5% and Alinma Bank (1150.SE), opens new tab dropped 0.9%.
In Abu Dhabi the benchmark stock index (.FTFADGI), opens new tab was little changed, with the emirate's biggest developer Aldar Properties (ALDAR.AD), opens new tab gaining 1.1% while Emirates Telecommunications (EAND.AD), opens new tab shed 0.5%.
The Qatari benchmark index (.QSI), opens new tab rose 0.3%, supported by gains in all sectors, with Barwa Real Estate (BRES.QA), opens new tab adding 1.7% and Industries Qatar (IQCD.QA), opens new tab, known as IQ, advancing 1.4%.
The developer Barwa and industry conglomerate IQ both reported a rise in their quarterly net profit on Tuesday.
No comments:
Post a Comment