| 28 November 2023, Tuesday |

Most Gulf bourses slide as oil prices slip

Most stock markets in the Gulf fell in early trade on Monday, tracking global peers and oil prices dragged down by concern risks in the global banking sector may cause a recession and cut fuel demand.

Crude prices – a catalyst for the Gulf’s financial markets – slid 3.2% with Brent at $70.58 per barrel by 0715 GMT.

In Abu Dhabi, the benchmark stock index dropped 1.4%, sapped by a 2.6% decline in conglomerate International Holding and 1.4% loss in Alpha Dhabi.

Abu Dhabi’s largest lender by assets, First Abu Dhabi Bank fell 0.6% and Abu Dhabi Commercial Bank shed 3.1%.

Dubai’s benchmark stock index was down 0.5% in early trade, weighed by losses in industry and financial sectors, with tolls operator Salik falling 1.8%.

Dubai’s real estate developers Deyaar Development and Emaar Development dropped 1.3% and 1.5% respectively.

The emirate’s largest lender Emirates NBD lost 0.8%.

The Qatari Stock index fell 0.3%, with losses in most sectors, led by industry and finance.

The conglomerate Industries Qatar declined 1.1% and Qatar Aluminum lost 1.9%.

The region’s largest bank Qatar National Bank and Commercial Bank dropped 0.3% and 1.8% respectively.

Saudi Arabia’s benchmark stock index fell 0.5%, undermined by losses in finance, materials and energy sectors with world’s largest Islamic bank by assets Al Rajhi Bank losing 0.6% and the Kingdom’s largest commercial bank Saudi National Bank dropping 1.8%.

Saudi’s ICT services provider Perfect Presentation For Commercial Services bucked the trend to rise 2.7% after it posted a 63% jump in full year net profit.

  • Reuters