Mideast Stocks: Gulf bourses end mixed as oil prices slip

Commercial International Bank Egypt CIB

25/11/2024 13:19

By Ateeq Shariff
       Nov 25 (Reuters) - Stock markets in the Gulf put in a
mixed performance on Monday as oil prices weakened and in the
absence of fresh factors to trade on.
     Oil prices - a catalyst for the Gulf's financial markets -
slipped after rising 6% last week, but supply worries amid
mounting tensions between Western powers and major oil producers
Russia and Iran kept a floor under prices.
    Saudi Arabia's benchmark share index  .TASI  dropped 0.7%,
weighed down by a 1.4% fall in Al Rajhi Bank  1120.SE  and a
2.5% fall in ACWA Power Company  2082.SE .
    Oil behemoth Saudi Aramco  2222.SE  slipped 0.2%.
    Dubai's main share index  .DFMGI  snapped two sessions of
losses to rise 1%, led by a 5.7% jump for toll operator Salik Co
 SALIK.DU .
    Markets still expect a Federal Reserve interest rate cut
next month, although rate-cut bets have been dialled back in
recent weeks.
    Monetary policy in the Gulf Cooperation Council (GCC) region
often aligns with the Fed's decisions as most of its currencies
are pegged to the U.S. dollar.
    Share indices in Abu Dhabi  .FTFADGI  and Qatar  .QSI 
closed flat on the day.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell
0.4%, with Commercial International Bank  COMI.CA  retreating
0.8%.

    
 SAUDI ARABIA   .TASI  lost 0.7% to 11,788
 ABU DHABI      .FTFADGI  was flat at 9,232
 DUBAI          .DFMGI  advanced 1% to 4,768
 QATAR          .QSI  fnished flat at 10,413
 EGYPT          .EGX30  lost 0.4% to 30,271
 BAHRAIN        .BAX  eased 0.7% to 2,021
 OMAN           .MSX30  fell 0.9% to 4,519
 KUWAIT         .BKP  dropped 0.6% to 7,771
 
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten
Donovan)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))