Mideast Stocks: Gulf markets end mixed on regional conflict, ahead of earnings

Commercial International Bank Egypt CIB

14/10/2024 14:10

By Ateeq Shariff
       Oct 14 (Reuters) - Stock markets in the Gulf ended mixed
on Monday ahead of third-quarter earnings and with the region
still on high alert for Israel to retaliate against Iran for an
Oct. 1 barrage of  missiles launched in response to Israeli
actions in Lebanon.
    Saudi Arabia's benchmark index  .TASI  dropped 0.9%, ACWA
Power Co  2082.SE  declined 7.4% and Al Taiseer Group  4143.SE 
fell 0.6%.
    In Qatar, the index  .QSI  lost 0.2%, hit by a 0.6% fall in
petrochemical maker Industries Qatar  IQCD.QA .
    Oil prices - a key factor for the Gulf's financial markets -
declined over 2%, wiping out all of last week's gains, as
China's stimulus plans failed to inspire investor confidence and
the country's oil imports fell for the fifth month, stoking
concern about fuel demand.
    The markets were also depressed by worries that the
possibility of an Israeli response to Iran's Oct. 1 missile
attack could disrupt oil production, though the U.S. has
cautioned Israel against targeting Iranian energy
infrastructure.
    Lower prices and disruptions to crude exports impact fiscal
balances in countries reliant on oil income.
    Dubai's main share index  .DFMGI  gained 0.3%, with top
lender Emirates NBD  ENBD.DU  rising 2.3%.
    The Abu Dhabi index  .FTFADGI  finished 0.5% higher.
    The Dubai stock market continued its rebound, maintaining a
healthy bullish trend, which could be further supported by solid
earnings if the results are confirmed, said
George Pavel General Manager at Capex.com.
    According to Pavel, regional geopolitical tensions were less
impactful on UAE markets, although they did not avoid the risks
entirely.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  advanced
1.1%, ending three sessions of losses, led by a 1% rise in
Commercial International Bank  COMI.CA .
    
 SAUDI ARABIA   .TASI  fell 0.9% to 11,960
 ABU DHABI      .FTFADGI  rose 0.5% to 9,303
 DUBAI          .DFMGI  down 0.3% to 4,455
 QATAR          .QSI  lost 0.2% to 10,478
 EGYPT          .EGX30  up 1.1% to 30,273
 BAHRAIN        .BAX  eased 0.2% to 1,995
 OMAN           .MSX30  gained 0.8% to 4,803
 KUWAIT         .BKP  lost 0.1% to 7,565
 
 (Reporting by Ateeq Shariff in Bengaluru
Editing by Gareth Jones)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))