DUBAI: Most stock markets in the Gulf ended lower on Monday, as investors feared that inflation and rising interest rates would hamper the global economic outlook.
Saudi Arabia’s benchmark index dropped 0.8%, hit by a 2.3% fall in Al Rajhi Bank and a 3.4% decline in petrochemical maker Saudi Basic Industries Corp.
On the other hand, investment firm Kingdom Holding surged 9.5%, extending gains from the previous session.
Saudi billionaire Prince Alwaleed bin Talal signed an agreement with the kingdom’s powerful sovereign wealth fund to sell 16.87% of his company Kingdom Holding to the fund.
The shares of Kingdom Holding, which closed at its lowest level on Thursday, rose 9.9% to 9.99 riyals on Sunday after the sale was announced.
In Abu Dhabi, the index retreated 2.2%, weighed down by a 3.8% fall in the United Arab Emirates’ largest lender First Abu Dhabi Bank.
The main share index in Dubai, the Middle East’s travel and tourism hub, finished 2.5% lower, underperforming the region, dragged down by a 4.9% slide in Emirates NBD Bank .
Bucking the trend, the Qatari index advanced 1.4%, led by a 3.5% rise in Qatar Islamic Bank.
The Qatari market inched higher thanks to stronger natural gas prices, said Wael Makarem, senior market strategist at Exness.
“The market is also benefiting from Europe’s shift away from Russia as well as the declining geopolitical tensions in the Middle East as talks with Iran continue to develop.”
The Emir of Qatar Tamim bin Hamad al-Thani expressed optimism on Friday that an agreement between the United States and Iran could be achieved, voicing readiness to help in the matter.
Outside the Gulf, Egypt’s blue-chip index added 0.5%, helped by a 1.1% gain in top lender Commercial International Bank.
SAUDI ARABIA down 0.8% to 12,236
ABU DHABI fell 2.2% to 9,717
DUBAI lost 2.5% to 3,307
QATAR gained 1.4% to 12,925
EGYPT added 0.5% to 10,515
BAHRAIN eased 0.6% to 1,894
OMAN fell 0.2% to 4,133
KUWAIT was down 1.5% to 8,531.
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