Mideast Stocks: Most Gulf markets fall in line with Asia; Qatar edges up

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

09/06/2022 09:25

June 9 (Reuters) - Most major Gulf stock markets fell in
early trade on Thursday, mirroring weakness in Asian shares as
investors worried about the economic impact of rate hikes ahead
of a European Central Bank meeting later in the day.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 .MIAPJ0000PUS  was down 0.65%, while Australian shares  .AXJO 
closed 1.4% lower and Seoul's KOSPI  .KS11  finished almost
flat.  urn:newsml:reuters.com:*:nL1N2XW08O
    In Abu Dhabi, the index  .FTFADGI  eased 0.7%, extending
losses to a seventh session, as largest lender First Abu Dhabi
Bank  FAB.AD  declined 0.6% and conglomerate International
Holding Company  IHC.AD  fell 0.6%.
    Dubai's main share index  .DFMGI  retreated 0.5%, weighed
down by a 1.2% dip in blue-chip developer Emaar Properties
 EMAR.DU  and a 0.7% decrease in Sharia-compliant lender Dubai
Islamic Bank  DISB.DU .
    Separately, Dubai plans to sell a 12.5% stake in business
park operator TECOM Group in an initial public offering (IPO),
the company said in a statement.  urn:newsml:reuters.com:*:nL1N2XW05S
    Saudi Arabia's benchmark index  .TASI  edged down 0.1%,
pressured by banking and energy stocks. Index heavyweights
Banque Saudi Fransi  1050.SE  and Saudi Basic Industries
 2010.SE  slipped 1.3% and 0.4%, respectively.
    However, Alkhorayef Water And Power Technologies  2081.SE 
rose as much as 2.9% after signing 1.86 billion riyals ($495.83
million) worth of contracts with the Ministry of Environment,
Water and Agriculture.  urn:newsml:reuters.com:*:nFWN2XV10K
    The Qatari index  .QSI , however, edged 0.2% higher, with
Commercial Bank  COMB.QA  adding 1.5%.
    Italian producer Eni  ENI.MI  has been picked, along with
another four oil majors, by Qatar as partners in the near $30
billion expansion of the world's largest liquefied natural gas
project, people with knowledge of the matter said on
Wednesday. urn:newsml:reuters.com:*:nL1N2XV1RF

($1 = 3.7513 riyals)

 (Reporting by Mohd Edrees in Bengaluru; Editing by Subhranshu
Sahu)
 ((mohammad.edrees@thomsonreuters.com))