A Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. REUTERS/Ahmed Yosri/File Photo Purchase Licensing Rights, opens new tab
March 27 (Reuters) – Stock markets in the Gulf declined on Wednesday on falling oil prices as the surge in crude stockpiles in the United States weighed on trader sentiment, although the Saudi index bucked the trend.
Oil prices – a catalyst for the Gulf’s financial markets – dropped for a second day, after a report that crude stockpiles in the U.S., the world’s biggest oil user, surged and on signs major producers are unlikely to change their output policy at a technical meeting next week.
Brent fell 0.8% to $85.58 a barrel by 1250 GMT.
The Qatari benchmark index
fell 0.7% to 9,958, its lowest level in more than one and a half months, with almost all sectors in negative territory.
Qatar National Bank
, the region’s largest lender, lost 0.6% and Qatar Islamic Bank
slipped 1.9%.
In Abu Dhabi, the benchmark index
slid for a third straight session and ended 0.5% lower, with Aldar Properties
sliding 2.1% and First Abu Dhabi Bank, the UAE’s largest lender, falling 1.8%.
Among other losers, Abu Dhabi Islamic Bank
and Abu Dhabi Commercial Bank
, the UAE’s third-biggest lender, lost 1.4% and 2.7%, respectively.
Dubai’s benchmark index
was down for a second straight session and ended 0.3% lower with most sectors in the red.
The blue-chip developer Emaar Properties
lost 0.7% and Dubai Islamic Bank
slid 0.5%, while Emirates NBD
, the emirate’s largest lender, dropped 1.4%.
Saudi Arabia’s benchmark index
was up 0.2%, after losing for three straight sessions, with most of its constituents posting gains.
Saudi Arabian Mining
advanced 3% and Saudi Research and Media Group
climbed 5.7%.
Among other gainers, Modern Mills Company
soared 30% on its first day of trading, closing at 62.4 riyals against an IPO price of 48 riyals.
Outside the Gulf, Egypt’s blue-chip index
dropped 2.9%, extending its losses to a second consecutive session, with all stocks in the red.
E-Finance for Digital
slumped 11.6% and Commercial International Bank
slipped 1.6%.
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Reporting by Md Manzer Hussain; Editing by Shailesh Kuber
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