Mideast Stocks: Most Gulf markets fall in early trade; Abu Dhabi rises

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

31/07/2023 09:15

July 31 (Reuters) - Most major stock markets in the Gulf
fell in early trade on Monday as consolidation continued
following recent gains, although the Abu Dhabi index edged
higher in a choppy trade.
    Saudi Arabia's benchmark index  .TASI  dropped 0.6%, on
course to extend losses after a nine-month high, weighed down by
a 1.1% drop in Al Rajhi Bank  1120.SE  and a 2.3% decline in
Saudi National Bank  1180.SE .
    Iran's foreign ministry spokesperson said on Monday that a
normalisation of ties between Saudi Arabia and Israel would harm
regional peace and stability. 
    U.S. President Joe Biden had said on Friday that a deal may
be on the way after talks that his national security adviser had
with Saudi officials in Jeddah aimed at fixing relations between
Saudi Arabia and Israel.
    In Abu Dhabi, the index  .FTFADGI  added 0.1%, helped by a
0.7% gain by the biggest lender, First Abu Dhabi Bank  FAB.AD .
    The Qatari index  .QSI  fell 0.3%, on track to snap a 13-day
winning streak, with petrochemical maker Industries Qatar
 IQCD.QA  losing 1.8% and Commercial Bank  COMB.QA  retreating
0.8%.
    Oil prices - a driver for the Gulf's financial markets -
edged lower, but were still near three-month highs and were set
to post their biggest monthly gains in more than a year on
expectations that Saudi Arabia would extend voluntary output
cuts into September, tightening global supply.
    Dubai's main share index  .DFMGI  eased 0.1%, hit by a 1.3%
drop in toll operator Salik Co  SALIK.DU .

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