Major stock markets in the Gulf ended lower on Thursday as oil prices fell, with the Saudi index posting its fourth weekly loss.
Crude prices, a key catalyst for the Gulf’s financial markets, extended declines as concerns over geopolitical tensions eased and a rising numbers of COVID-19 cases in China added to demand worries in the world’s largest crude importer.
NATO and its member Poland said on Wednesday a missile that crashed in the country was probably a stray fired by Ukraine’s air defences and not a Russian strike, easing fears of the war between Russian and Ukraine spilling across the border.
Saudi Arabia’s benchmark index fell 0.1%, hit by a 1.9% fall in Riyad Bank.
The index posted its fourth weekly loss, down 0.6%, with year-to-date losses at 1.2%.
On Thursday, South Korean and Saudi Arabian leaders pledged stronger ties in the fields of energy, defence and construction, as the oil-rich kingdom signed investment agreements worth $30 billion with South Korean companies.
Dubai’s main share index dropped 0.3%, with Dubai Electricity and Water Authority falling 2.1%.
Most Gulf markets retreat following blast in Poland
The Dubai stock market continued to see price corrections as traders maintained their selling trend, said Farah Mourad, senior market analyst at XTB MENA.
“The general direction of the market remained uncertain as it continued to trade sideways for more than a month.”
The Abu Dhabi index finished 0.6% higher.
Separately, Abu Dhabi-based Aliph Capital, the Middle East’s first female-led private equity firm, said on Thursday it had completed a 100% buyout of UAE business The Pet Shop from Kasamar Holdings.
The Qatari index lost 0.6%, extending losses for a third session.
According to Mourad, the market could find some support from rising natural gas prices as well as the approaching football World Cup which could help attract more attention to local investment opportunities.
Outside the Gulf, Egypt’s blue-chip index advanced 1.4%, posting its fifth weekly gain.
======================================= SAUDI ARABIA fell 0.1% to 11,142 ABU DHABI lost 0.6% to 10,425 DUBAI down 0.3% to 3,334 QATAR dropped 0.6% to 12,213 EGYPT rose 1.4% to 12,516 BAHRAIN was up 0.1% to 1,865 OMAN gained 1% to 4,486 KUWAIT added 0.1% to 8,523 =======================================
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