Mideast Stocks: Gulf markets mixed as Qatar ends 7-day losing streak

The Commercial Bank (P.S.Q.C.)

23/11/2022 13:47

By Ateeq Shariff
       Nov 23 (Reuters) - Most stock markets in the Gulf ended
mixed on Wednesday amid volatile oil prices, with the Qatari
index snapping a seven-session losing streak.
    Crude prices, a key catalyst for the Gulf's financial
markets, reversed course to fall by more than $2 a barrel as the
Group of Seven (G7) nations looked at a price cap on Russian oil
above where the crude grade is currently trading.
    The G7 is looking at a price cap on Russian sea-borne oil in
the range of $65-70 per barrel, a European Union diplomat said.
    Qatari stocks  .QSI  gained 0.6%, led by a 4.1% jump in
Commercial Bank  COMB.QA  and a 2.6% rise in Islamic lender
Masraf Al Rayan  MARK.QA .
    In Abu Dhabi, the index  .FTFADGI  advanced 1.3%, buoyed by
a 1.7% rise in conglomerate International Holding  IHC.AD .
    The Abu Dhabi market rebounded after a week of price
corrections, which could help the market maintain a strong
uptrend, Wael Makarem, senior market strategist at Exness, said.
    Dubai's main share index  .DFMGI  eased 0.1%, hit by a 1%
fall in real estate developer Emaar Properties  EMAR.DU .
    Outside the Gulf, Egypt's blue-chip index  .EGX30  fell
0.2%, weighed down by a 2.5% slide in top lender Commercial
International Bank  COMI.CA .
    Nomura has warned that seven countries - Egypt, Romania, Sri
Lanka, Turkey, Czech Republic, Pakistan and Hungary - are now at
a high risk of currency crises.
    The Saudi stock exchange was closed on Wednesday after Saudi
Arabia declared a public holiday as the country's soccer team
beat Argentina in the World Cup.
 ABU DHABI      .FTFADGI  up 1.3% to 10,529
 DUBAI          .DFMGI  down 0.1% to 3,326
 QATAR          .QSI  gained 0.6% to 11,897
 EGYPT          .EGX30  lost 0.2% to 12,600
 BAHRAIN        .BAX  was flat at 1,864
 OMAN           .MSX30  rose 0.9% to 4,544
 KUWAIT         .BKP  lost 0.3% to 8,459
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Shounak
Dasgupta)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788))