Most Gulf bourses fall in early trade; Qatar gains
Qatar #Qatar
An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014./File Photo
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Aug 3 (Reuters) – Most stock markets in the Gulf fell in early trade on Wednesday, amid fears that a slowdown in global growth would hit fuel demand, although the Qatari index bucked the trend to trade higher.
Saudi Arabia’s benchmark index (.TASI) dropped 0.3%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE) and a 0.5% decrease in oil behemoth Saudi Aramco (2222.SE).
Crude prices , a key catalyst for the Gulf’s financial markets, have soared in 2022 to their highest since 2008, climbing above $139 a barrel in March after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine.
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Prices have since eased to below $100 a barrel as soaring inflation and higher interest rates raise fears of a recession that would erode demand.
Separately, Saudi Arabia has set up an agency to promote investment in the country, a key goal of an ambitious economic reform agenda, the investment minister and state media said on Twitter, citing a cabinet decision. read more
Dubai’s main share index (.DFMGI) fell 0.5%, with blue-chip developer Emaar Properties (EMAR.DU) losing 1.5%, while share-compliant lender Dubai Islamic Bank (DISB.DU) retreated 0.7%.
In Abu Dhabi, the index (.FTFADGI) lost 0.5%, on course to snap three sessions of gains, weighed down by a 1.3% fall in the country’s biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari benchmark (.QSI), however, edged up 0.2%, helped by a 1% rise in petrochemical maker Industries Qatar (IQCD.QA).
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Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine Hardcastle
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