Stock markets in the Gulf ended mixed on Monday ahead of third-quarter earnings and with the region still on high alert for Israel to retaliate against Iran for an Oct. 1 barrage of missiles launched in response to Israeli actions in Lebanon.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.9%, ACWA Power Co (2082.SE), opens new tab declined 7.4% and Al Taiseer Group (4143.SE), opens new tab fell 0.6%.
In Qatar, the index (.QSI), opens new tab lost 0.2%, hit by a 0.6% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.
Oil prices - a key factor for the Gulf's financial markets - declined over 2%, wiping out all of last week's gains, as China's stimulus plans failed to inspire investor confidence and the country's oil imports fell for the fifth month, stoking concern about fuel demand.
The markets were also depressed by worries that the possibility of an Israeli response to Iran's Oct. 1 missile attack could disrupt oil production, though the U.S. has cautioned Israel against targeting Iranian energy infrastructure.
Lower prices and disruptions to crude exports impact fiscal balances in countries reliant on oil income.
Dubai's main share index (.DFMGI), opens new tab gained 0.3%, with top lender Emirates NBD (ENBD.DU), opens new tab rising 2.3%.
The Abu Dhabi index (.FTFADGI), opens new tab finished 0.5% higher.
The Dubai stock market continued its rebound, maintaining a healthy bullish trend, which could be further supported by solid earnings if the results are confirmed, said George Pavel General Manager at Capex.com.
According to Pavel, regional geopolitical tensions were less impactful on UAE markets, although they did not avoid the risks entirely.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.1%, ending three sessions of losses, led by a 1% rise in Commercial International Bank (COMI.CA), opens new tab.
No comments:
Post a Comment