Mideast Stocks: Gulf stock markets end mixed amid China growth uncertainties
19/06/2023 14:45
By Md Manzer Hussain
June 19 (Reuters) - Stock markets in the Gulf ended
mixed on Monday as investors remained cautious amid volatile oil
prices and hopes for more economic stimulus from China, with
Saudi and Dubai ending lower and Qatar and Abu Dhabi closing
higher.
Crude prices - a key catalyst for the Gulf's financial
markets - fell with Brent crude LCOc1 down 0.2%, to $76.44 a
barrel by 0944 GMT.
Saudi Arabia's benchmark index .TASI slumped 0.8%, dragged
down by losses in all sectors with the world's largest Islamic
bank by assets Al Rajhi Bank 1120.SE dropping 1.4% and oil
major Saudi Aramco 2222.SE shedding 0.6%.
Among the losers, Dr Sulaiman Al-Habib Medical
Services 4013.SE and Mouwasat Medical 4002.SE lost 1.5% and
7% respectively.
"GCC stock markets were mostly under pressure with energy
volatility and price corrections affecting expectations", said
Farah Mourad, Senior Market Analyst of XTB MENA.
"Traders awaiting details about an economic stimulus for the
Chinese economy".
The world's top crude importer China is widely expected to
cut key lending benchmarks on Tuesday to boost its economic
growth, which has seen a rocky post-pandemic recovery.
Dubai's benchmark index .DFMGI snapped its two-week
winning streak and ended 0.1% lower. The index was weighed down
by losses in utilities and financial sectors with Emaar
Properties EMAR.DU falling 0.9% and Dubai Electricity and Water
Authority DEWAA.DU dropping 1.1%.
In Qatar, the benchmark index .QSI rose 0.2%, recouping
its losses across two consecutive sessions, with most sectors
trading in the green.
The index was supported by a 4.9% surge in Ooredoo QPSC
ORDS.QA and 1.8% rise in Qatar Navigation QNNC.QA .
In Abu Dhabi, the index .FTFADGI continued its gains for a
second consecutive session, trading 0.1% higher. The index was
helped by a 3.9% gain in Abu Dhabi National Energy Company
TAQA.AD (TAQA) and a 2.3% rise in Burjeel BURJEEL.AD .
The United Arab Emirates' biggest lender, First Abu Dhabi
Bank FAB.AD , gained 0.5%.
Outside the Gulf, Egypt's blue-chip index .EGX30 slipped
0.2%, ending four-session gains with financial and communication
sectors trading in the red.
Commercial International Bank COMI.CA and EFG Hermes
HRHO.CA slipped 1.1% and 2.1 respectively. Telecom Egypt
ETEL.CA lost 1.7%.
SAUDI ARABIA .TASI lost 0.8% to 11,422
KUWAIT .BKP ended flat at 7,823
QATAR .QSI rose 0.2% at 10,282
EGYPT .EGX30 lost 0.2% to 17,989
BAHRAIN .BAX ended flat at 1,958
OMAN .MSX30 lost 0.1% to 4,680
ABU DHABI .FTFADGI added 0.1% to 9,453
DUBAI .DFMGI lost 0.1% at 3,787
(Reporting by Md Manzer Hussain, editing by Ed Osmond)
((MdManzer.Hussain@thomsonreuters.com;))