Mideast Stocks: Mixed Middle East markets amid rising recession fears

Deluxe

05/07/2022 14:29

By Ateeq Shariff
    July 5 (Reuters) - The Saudi stock market extended losses
for a third session on Tuesday amid mixed responses from Middle
East stock markets to rising investor concerns of a possible
global recession.
    Saudi Arabia's benchmark index  .TASI  eased 0.1%, hit by a
4.6% slide in Sahara International Petrochemical  2310.SE .
    The kingdom and the United Arab Emirates are boosting state
spending on social welfare by billions of dollars as they seek
to shield their citizens from rising living costs.  urn:newsml:reuters.com:*:nL1N2YM09R
    The UAE is doubling financial support to low-income Emirati
families to 28 billion dirhams ($7.6 billion) to help with
soaring inflation in the Gulf state, while Saudi Arabia is set
for a 20 billion riyal ($5.33 billion) allocation.
    The main share index  .DFMGI  in Dubai, the Middle East's
travel and tourism hub, dropped 1.1%, hitting its lowest since
late-December and wiping out gains so far this year.
    Blue-chip developer Emaar Properties  EMAR.DU  declined
2.8%, while utility firm Dubai Electricity and Water  DEWAA.DU 
ended 1.6% lower. Elsewhere, shares of Tecom Group  TECOM.DU ,
which is owned by the investment vehicle of Dubai's ruler, fell
8.6% on their stock market debut.
    Business activity in the United Arab Emirates non-oil
private sector retreated to its slowest pace in five months in
June, although growth remained positive for a 19th consecutive
month, a survey showed on Tuesday.  urn:newsml:reuters.com:*:nZRN004NGQ
    In Abu Dhabi, the index  .FTFADGI  lost 0.4%, with the
country's biggest lender First Abu Dhabi Bank  FAB.AD  off 1%.
    Oil prices, a key catalyst for Gulf financial markets,
slipped as concerns of a possible global recession curtailing
fuel demand outweighed supply disruption fears, highlighted by
an expected production cut in Norway.  O/R 
    The Qatari benchmark  .QSI , however, added 0.4%, helped by
a 3.5% rise in Qatar Islamic Bank  QISB.QA .
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell
0.3%, at its lowest in more than 2 years, with Fawry For Banking
Technology and Electronic Payment  FWRY.CA  sliding 7.8%.
    However, the losses were limited by a 8% jump in Madinet
Nasr For Housing and Development  MNHD.CA .
    Egyptian property developer SODIC  OCDI.CA  said on Tuesday
it had submitted an offer to buy up to 100% of Madinet Nasr.
    
 SAUDI ARABIA   .TASI  fell 0.1% to 11,345
 ABU DHABI      .FTFADGI  lost 0.4% to 9,270
 DUBAI          .DFMGI  down 1.1% to 3,122
 QATAR          .QSI  gained 0.4% to 12,263
 EGYPT          .EGX30  eased 0.3% to 8,658
 BAHRAIN        .BAX  was up 0.1% to 1,877
 OMAN           .MSX30  rose 0.1% to 4,119
 KUWAIT         .BKP  added 0.2% to 8,330
 ($1 = 3.6727 UAE dirham)
($1 = 3.7539 riyals)

 (Reporting by Ateeq Shariff in Bengaluru; Editing by Alexander
Smith)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))