Saudi Arabia's benchmark stock index (.TASI), opens new tab dropped 1.3%, marking its second consecutive week of decline. Losses were broad-based, led by energy stocks, with Saudi Aramco (2222.SE), opens new tab dropping 3% — its steepest one-day decline in nine months — after the company confirmed damage at its Juaymah terminal and subsequent delivery cancellations.
Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, fell 1.4%, and Saudi National Bank (1180.SE), opens new tab, the country's largest lender by assets, dropped 1.7%.
Reuters reported that Saudi Arabia is ramping up oil production and exports as part of contingency measures to mitigate potential disruptions from a U.S. strike on Iran.
The robust non-oil economic sector could aid a market rebound if geopolitical tensions subside, according to George Pavel, general manager at Naga.com Middle East.
Dubai's main stock index (.DFMGI), opens new tab retreated 0.8%, weighed down by banking and real estate stocks. Emirates NBD Bank (ENBD.DU), opens new tab plunged over 4%, marking its worst daily performance in more than three months, while Emaar Properties (EMAR.DU), opens new tab, a leading real estate developer, fell 1.2%.
On Wednesday, the UAE's Central Bank unveiled plans to establish a sovereign financial cloud infrastructure in collaboration with G42 subsidiary Core42.
On Wednesday, the UAE's Central Bank unveiled plans to establish a sovereign financial cloud infrastructure in collaboration with G42 subsidiary Core42.
Abu Dhabi's index (.FTFADGI), opens new tab edged 0.4% lower, extending a cautious trading pattern after two flat sessions. The market remained near historical highs as investors awaited clearer regional developments. Alpha Dhabi Holding (ALPHADHABI.AD), opens new tab and Aldar Properties (ALDAR.AD), opens new tab both dropped 0.4%.
However, strong fourth-quarter corporate earnings in Abu Dhabi and a positive economic outlook could provide upward momentum once geopolitical risks subside, though oil price fluctuations remain a key concern, said Pavel.
Bloomberg News reported that Shell (SHEL.L), opens new tab is in talks with ADNOC and others regarding the sale of its stake in an Australian LNG project.
Qatar's stock index (.QSI), opens new tab tumbled 1.9%, marking its steepest single-day decline since mid-June, with all sectors closing in negative territory. Shares of Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender, dropped 3%, representing its biggest single-day loss in over five months. Qatar Aluminum Manufacturing Co (QAMC.QA), opens new tab sank 3.5%, its largest one-day drop in nearly 11 months.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.4%, seeking to recover from Wednesday's losses, as sentiment was bolstered by the IMF's completion of two reviews of Egypt's economic reform programme and a Resilience and Sustainability Facility (RSF) review, paving the way for disbursements of about $2.3 billion.
Commercial International Bank (COMI.CA), opens new tab, the country's leading private lender, advanced 1.1%, while Telecom Egypt (ETEL.CA), opens new tab surged 3.4% after reporting a fourfold rise in its fourth-quarter profits.
The Kuwait Bourse (.BKP), opens new tab was closed on account of National Day and Liberation Day.
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