Mideast Stocks: Most major Gulf bourses slip on weaker oil prices

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

31/10/2022 08:57

Oct 31 (Reuters) - Major stock markets in the Gulf fell
in early trade on Monday, dragged lower by falling oil prices,
while market participants awaited a U.S. Federal Reserve meeting
to see if the central bank takes a less aggressive approach on
rate hikes.
    Crude oil prices - a key catalyst for the Gulf's financial
markets, fell more than $1 following weaker-than-expected
factory activity data out of China and on concerns its widening
COVID-19 curbs will curtail demand.  O/R 
    Factory activity in China, the world's largest crude
importer, fell unexpectedly in October, an official survey
showed, weighed down by softening global demand and strict
COVID-19 restrictions that hit production.  urn:newsml:reuters.com:*:nL1N31W04Y
    Saudi Arabia's benchmark stock index  .TASI  dropped 0.3%,
weighed down by a 2.9% slide in Dr Sulaiman Al-Habib Medical
Services  4013.SE  and a 1.2% decline in Retal Urban Development
Co  4322.SE .
    Saudi Tadawul Group  1111.SE , the bourse's owner and
operator, was down 0.9% after reporting a fall in quarterly
earnings. Savola Group  2050.SE  rose more than 2% on upbeat
third-quarter earnings.
    In Abu Dhabi, the benchmark stock index  .FTFADGI  edged
0.1% higher, helped by a 0.5% increase in First Abu Dhabi Bank
 FAB.AD , the country's biggest lender.
    Al Waha Capital  WAHA.AD  surged 8.1% after the company
reported a jump in third-quarter net profit.
    Separately, the United Arab Emirates aims to increase the
share of clean energy projects to 50% of its overall energy mix
by 2050, state news agency WAM cited its energy minister as
saying on Sunday.  urn:newsml:reuters.com:*:nL1N31V058
    Dubai's main share index  .DFMGI  fell 0.2%, hit by a 1.1%
fall in top lender Emirates NBD  ENBD.DU  and a 0.8% decrease in
utility firm Dubai Electricity and Water  DEWAA.DU .
    Asian stock markets wobbled higher as hopes waned that the
U.S. Federal Reserve might take a less aggressive approach on
rate hikes.  MKTS/GLOB 
    Most Gulf currencies are pegged to the dollar, and Qatar,
Saudi Arabia and the United Arab Emirates usually copy any
monetary policy change in the United States.
    The Qatari index  .QSI  dropped 0.3%, with Commercial Bank
 COMB.QA  retreating 2.3% and petrochemical maker Industries
Qatar  IQCD.QA  losing 0.8%.
($1 = 3.6729 UAE dirham)
 (Reporting by Ateeq Shariff in Bengaluru; Editing by Subhranshu
Sahu)
 ((AteeqUr.Shariff@thomsonreuters.com; +918061822788;))