Mideast Stocks: Most Gulf markets end lower as oil prices drop; Egypt up

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

23/03/2023 14:31

March 23 (Reuters) - Most Gulf stock markets ended lower
on Thursday, as oil prices declined after Federal Reserve Chair
Jerome Powell highlighted banking sector credit risks for the
world's largest economy.
    Crude prices — a key catalyst for the Gulf's financial
markets — slid 0.6% on Thursday with Brent crude  LCOc1  down to
$76.21 at 1145 GMT.
    Powell said on Wednesday that banking industry stress could
trigger a credit crunch, with "significant" implications for an
economy that U.S. central bank officials projected would slow
even more this year than previously thought.
    Dubai's benchmark index  .DFMGI  fell 0.9% after rising for
two sessions, weighed down by losses in industrial and financial
sectors with real estate developer Emaar Properties  EMAR.DU 
losing 2.1% and the emirate's largest lender, Emirates NBD
 ENBD.DU , falling 0.4%.
   The low-cost flyer Air Arabia  AIRA.DU  lost 7.1% in its
steepest intraday decline since Nov. 28, 2021 as it was trading
ex-dividend. 
     In Abu Dhabi, the index  .FTFADGI  fell 0.6%, after gaining
in the previous session, dragged down by a 1.7% drop in
blue-chip property developer Aldar Properties  ALDAR.AD  and a
2% decline in conglomerate Alpha Dhabi Holding  ALPHADHABI.AD .
    First Abu Dhabi Bank  FAB.AD , the largest lender in the
United Arab Emirates, slumped 2% and Multiply Group
 MULTIPLY.AD  lost 2.6%.
    Abu Dhabi-based investment company Multiply shareholders on
Thursday approved that no dividend would be distributed for
2022.
    "With interest rates expected to go higher this year, the
tighter monetary policy could have a stronger impact on stock
markets and on oil demand in the US and Europe," said Farah
Mourad, Senior Market Analyst of XTB MENA.
    "However, improvements in the Chinese economy and changes in
monetary policy could alleviate these pressures".
    The benchmark index  .TASI  in Saudi Arabia ended 0.9%
higher, extending previous session's gains. The index was lifted
by gains in almost all sectors with world's largest Islamic bank
Al Rajhi Bank  1120.SE  surging 1.2% and oil giant Saudi Aramco
 2222.SE  climbing 1.4%.
    The Qatari index  .QSI  edged up 0.3%, extending its
three-session rally with finance and industry sectors witnessing
gains, while the energy and materials were in the red.
    The region's largest lender, Qatar National Bank  QNBK.QA ,
added 0.7% and conglomerate Industries Qatar  IQCD.QA  gained
0.9%.
    Qatar Gas Transport  QGTS.QA  and Mesaieed Petro  MPHC.QA 
lost 0.7% and 0.8%, respectively.
    Outside the Gulf, Egypt's blue-chip index  .EGX30  surged
2.4%, after declining in the previous session, with all sectors
in the positive territory.
    Commercial International Bank  COMI.CA  and Egypt Kuwait
Holding  EKHO.CA  climbed 2.3% and 10%, respectively.
 Meanwhile, the World Bank said on Wednesday it had approved a
new $7 billion partnership agreement with Egypt for 2023-2027.
    
 SAUDI ARABIA     .TASI  rose 0.9% to 10,446
 KUWAIT           .BKP  lost 0.3% to 7,812
 QATAR            .QSI  added 0.3% at 10,006
 EGYPT            .EGX30  rose 2.4% to 15,625
 BAHRAIN          .BAX  lost 0.2% to 1,899
 OMAN             .MSX30  fell 0.5% to 4,871
 ABU DHABI        .FTFADGI  lost 0.6% to 9,550
 DUBAI            .DFMGI  fell 0.9% at 3,364
 
 (Reporting by Md Manzer Hussain
Editing by Vinay Dwivedi)
 ((MdManzer.Hussain@thomsonreuters.com; 91 8067498453; Reuters
Messaging: MdManzer.Hussain@thomsonreuters.com))