| 30 November 2023, Thursday |

Most Gulf markets in red as China woes linger, oil falls

Most Gulf stock markets ended lower as investors worried about a slowdown in China and decreasing oil prices.

Even after regulators lowered interest rates and pledged to provide greater support for the ailing economy, China’s new bank loans fell in July and other important credit indicators also declined.

Saudi Arabia’s benchmark index (.TASI) dropped 0.5%, snapping three sessions of gains, with Dr Sulaiman Al-Habib Medical Sevices (4013.SE) losing 1.9%.

Elsewhere, Saudi Awwal Bank (1060.SE) retreated 2.4% as the lender traded ex-dividend.

The Saudi stock market saw some downside risks as traders moved to selling another time, said Ahmed Negm, Head of Market Research MENA at

“While the latest price corrections have undermined the market’s strength, the main index remained on a positive performance for the year.”

Dubai’s main share index (.DFMGI) eased 0.1%, weighed down by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).

The Abu Dhabi index (.FTFADGI) eased 0.3%, with the countyr’s biggest lender First Abu Dhabi Bank (FAB.AD) losing 0.7%.

Oil prices – which fuels the Gulf’s economy – slipped about 1% as concerns about China’s faltering economic recovery and a stronger dollar, after seven weeks of gains driven by tightening supply from OPEC+ cuts.

In Qatar, the benchmark (.QSI) retreated 0.7%, hit by a 1.9% fall in petrochemical maker Industries Qatar (IQCD.QA).

Outside the Gulf, Egypt’s blue-chip index (.EGX30) added 0.2%, helped by a 1.3% rise in top lender Commercial International Bank (COMI.CA).

Egypt sold 626.4 million euros ($682.34 million) in one-year euro T-bills in an auction at an average yield of 4%, the central bank said on Monday.

  • Reuters