AGL 38.50 Increased By ▲ 0.93 (2.48%)
AIRLINK 132.00 Decreased By ▼ -0.50 (-0.38%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.84 Increased By ▲ 0.07 (1.86%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 40.75 Decreased By ▼ -0.25 (-0.61%)
DGKC 88.98 Decreased By ▼ -1.18 (-1.31%)
FCCL 35.32 Increased By ▲ 0.24 (0.68%)
FFBL 66.54 Increased By ▲ 0.04 (0.06%)
FFL 10.57 Increased By ▲ 0.42 (4.14%)
HUBC 109.69 Increased By ▲ 3.29 (3.09%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.83 Decreased By ▼ -0.03 (-0.62%)
KOSM 7.08 Increased By ▲ 0.23 (3.36%)
MLCF 42.70 Increased By ▲ 0.90 (2.15%)
NBP 59.50 Increased By ▲ 0.92 (1.57%)
OGDC 183.95 Increased By ▲ 2.70 (1.49%)
PAEL 25.70 No Change ▼ 0.00 (0%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.99 Decreased By ▼ -0.41 (-0.28%)
PRL 23.55 Increased By ▲ 0.33 (1.42%)
PTC 16.44 Increased By ▲ 1.20 (7.87%)
SEARL 69.05 Increased By ▲ 0.26 (0.38%)
TELE 7.25 Increased By ▲ 0.01 (0.14%)
TOMCL 36.05 Increased By ▲ 0.05 (0.14%)
TPLP 7.57 Increased By ▲ 0.17 (2.3%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.86 Increased By ▲ 0.01 (0.02%)
UNITY 26.85 Increased By ▲ 0.45 (1.7%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,817 Increased By 48.9 (0.5%)
BR30 29,825 Increased By 425.1 (1.45%)
KSE100 92,365 Increased By 427.4 (0.46%)
KSE30 28,820 Increased By 76.2 (0.27%)

Major Gulf bourses fell in early trade on Thursday, tracking oil prices and global equities lower, with the Dubai index on course to snap four sessions of gains.

The MSCI world equity index, which tracks shares in 50 countries, was down 0.81%, on widespread investor concern over high inflation and the threat of recession.

Saudi Arabia’s benchmark index declined 0.5%, weighed down by a 1.2% dip in oil giant Saudi Aramco and a 4% fall in Saudi Arabian Mining Company.

Elsewhere, Sahara International Petrochemical Company slid 1.7% after the firm announced three weeks maintenance turnaround for unit International Acetyl Company.

Most Gulf bourses in red over fears of rising inflation

Crude prices, a key catalyst for the Gulf’s financial market, fell as investors cashed in on a recent rally ahead of a key producers meeting later in the day.

The fall in oil prices gathered pace after the Financial Times reported that Saudi Arabia may be prepared to raise oil production in the event of a sharp drop in Russia’s output.

In Abu Dhabi, the equities lost 0.2% with conglomerate International Holding Company slipping 0.4% and the United Arab Emirates’ largest lender First Abu Dhabi Bank falling 0.7%.

Dubai’s main share index eased 0.1%, weighed down by a 1% decrease in Sharia-compliant lender Dubai Islamic Bank and a 0.8% drop in Emirates Integrated Telecommunications.

The Qatari index dropped 0.2%, hit by a 1% fall in petrochemical maker Industries Qatar.

Comments

Comments are closed.