Most stock markets across the oil-reliant Gulf region ended lower on Thursday, as the Organization of the Petroleum Exporting Countries (OPEC) and International Energy Agency (IEA) estimated lower demand for crude in 2020 due to the impact of the COVID-19 pandemic.
OPEC and IEA expect global oil demand to contract by 9.07 million barrels per day (bpd) and by 8.6 million bpd, respectively. In Dubai, the index contracted 1.4%, with Emirates NBD Bank falling 3.4% and blue-chip developer Emaar Properties shedding 1.2%.
The vice president of the United Arab Emirates said the country would review the structure and size of its government as part of its strategy for dealing with the effects of the coronavirus pandemic.
Saudi Arabia's benchmark index slipped 0.1%, as petrochemical maker Saudi Basic Industries dropped 2.2% and Banque Saudi Fransi retreated 3.3%. The latter, after trading hours, reported a 25.6% decline in its first-quarter net profit to 682 million riyals ($181.58 million).
However, the index's fall was cushioned by gains at National Commercial Bank and Saudi British Bank, which were up 1% and 2.5%, respectively. Oil giant Saudi Aramco added 0.2%, aided by a drop in US crude stocks and an IEA forecast for lower global stockpiles in the second half of the year.
The Qatari index slipped 0.8%, with Industries Qatar declining 2.9% and Qatar Insurance shedding 4.8%. Bucking the trend, Abu Dhabi's index ended 0.2% higher, helped by a 2.8% rise in telecoms firm Etisalat, while gains were capped by a 0.9% fall in First Abu Dhabi Bank.
Outside the Gulf, the Egyptian index closed down 1.1%, pressured by a 6.5% fall in El Sewedy Electric. El Sewedy plunged 8.8% in the previous session after reporting a more than 50% decline in first-quarter net profit.
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