Mideast Stocks: Gulf markets mixed as Qatar falls, Dubai gains

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

02/02/2023 14:00

By Md Manzer Hussain
       Feb 2 (Reuters) - Qatar's stock market was the worst
performer among mixed Gulf bourses on Thursday amid volatile
energy markets, while Dubai shares ended higher on a strong
banking sector performance.
    The Qatari stock index  .QSI  dropped 0.9%, falling for a
fourth consecutive session, with most of its constituent stocks
in negative territory. 
    Index heavyweights Qatar International Islamic Bank
 QIIB.QA  and Qatar Islamic Bank  QISB.QA  declined 1.3% and
0.9%, respectively.
    Qatar's Commercial Bank  COMB.QA  dropped 3.8% and Doha Bank
 DOBK.QA  slumped 10%.
    "The Qatari stock market maintained its downtrend following
the negative performance in natural gas markets," said Fadi
Reyad, chief market analyst at CAPEX.com MENA.
    The benchmark index  .TASI  in Saudi Arabia dropped 0.8%,
weighed down by losses in most sectors, led by banking and
energy stocks. 
    Shares of Alinma Bank  1150.SE  declined 4.3% after the bank
reported 32.8% growth in annual net profit to 3.60 billion
riyals ($959.3 million) that missed analysts' estimate of 3.72
billion riyals.
    The world's largest Islamic bank by assets, Al Rajhi Bank
 1120.SE , fell 0.7% and Dr Sulaiman Al Habib Medical  4013.SE 
declined 3.3%.
    Saudi oil giant Aramco  2222.SE  lost 0.9%.
    Oil prices - a key contributor to Gulf economies - fell on
Thursday as looming sanctions on Russian oil products added
uncertainty over supply, with Brent crude down 0.51% at $82.40 a
barrel by 1330 GMT. 
    Dubai's benchmark index  .DFMGI  closed up 0.5%, lifted by
gains in banking, utilities and industry sectors stocks.
    Dubai's biggest lender Emirates NBD  ENBD.DU  added 0.4% and
Emirates Central Cooling Systems  EMPOWER.DU  rose 2%. 
    Commercial Bank Of Dubai  CBD.DU  jumped 8.1% after it   
reported a 26% jump in full-year net profit on Wednesday, helped
by higher net interest income and solid operating income.
    In Abu Dhabi, the index  .FTFADGI  ended up 0.1%, rising for
a fourth straight session, helped by a 3% gain in National
Marine Dredging  NMDC.AD  after the firm posted a 30% increase
in annual net profit to 1.30 billion dirhams ($353.9 million).
    The MENA region's largest producer of nitrogen fertilisers, 
Fertiglobe  FERTIGLOBE.AD , rose 2.2%. 
    Outside the Gulf, Egypt's blue-chip index  .EGX30  ended 
0.9% lower, falling for a fourth session with almost all its
constituent stocks in the red.
    Fawry banking  FWRY.CA  and El Sewedy Electric  SWDY.CA 
dropped 3.6% and 6% respectively.
 SAUDI ARABIA     .TASI  fell 0.8% to 10,702
 QATAR            .QSI  dropped 0.94% to 10,698
 EGYPT            .EGX30  lost 0.9% to 16,256
 BAHRAIN          .BAX  ended flat at 1,921
 OMAN             .MSX30  added 0.2% to 4,720
 KUWAIT           .BKP  added 0.4 at 8,160
 ABU DHABI        .FTFADGI  rose 0.1% to 9,858
 DUBAI            .DFMGI  added 0.5 at 3,365
 ($1 = 3.6729 UAE dirham)
 (Reporting by Md Manzer Hussain
Editing by Mark Potter)
 ((MdManzer.Hussain@thomsonreuters.com; 91 8067498453; Reuters
Messaging: MdManzer.Hussain@thomsonreuters.com))