Most stock markets in the Gulf ended lower on Monday as traders considered a slowdown in China, while falling oil prices added to the worries.
China’s new bank loans tumbled in July and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy.
Saudi Arabia’s benchmark index dropped 0.5%, snapping three sessions of gains, with Dr Sulaiman Al-Habib Medical Sevices losing 1.9%.
Elsewhere, Saudi Awwal Bank 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 XS.com.
Most stock markets in Gulf track oil prices higher
“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 eased 0.1%, weighed down by a 1.2% fall in blue-chip developer Emaar Properties.
The Abu Dhabi index eased 0.3%, with the countyr’s biggest lender First Abu Dhabi Bank 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 retreated 0.7%, hit by a 1.9% fall in petrochemical maker Industries Qatar.
Outside the Gulf, Egypt’s blue-chip index added 0.2%, helped by a 1.3% rise in top lender Commercial International Bank.
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.
========================================== SAUDI ARABIA fell 0.5% to 11,494 ABU DHABI lost 0.3% to 9,848 DUBAI down 0.1% to 4,059 QATAR dropped 0.7% to 11,494 EGYPT rose 0.2% to 17,898 BAHRAIN eased 0.5% to 1,964 OMAN declined 0.5% to 4,762 KUWAIT retreated 0.7% to 7,834 ==========================================
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