Most Gulf stock markets fall, trailing oil and Asian stocks lower

An investor watches a screen displaying stock information at the Abu Dhabi Stock Exchange on June 25, 2014./File Photo

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Aug 16 (Reuters) – Most of the major Gulf stock markets were subdued in early trading on Tuesday, following declines in Asian stocks and oil prices, with the Abu Dhabi index set to fall for a third session.

Brent crude futures, a key catalyst for Gulf financial markets, fell $1.21, or 1.3%, to $93.89 a barrel at 0635 GMT, as bleak economic data of crude oil’s main buyer, China, have reignited fears of a global recession.

China’s central bank slashed lending rates to boost demand as the domestic economy unexpectedly slowed in July, with factory and retail activity squeezed by Beijing’s zero COVID policy and a crisis real estate. Read more

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Dubai’s main stock index (.DFMGI) fell 0.3%, hit by a 1.1% decline in major lender Emirates NBD (ENBD.DU) and a 0.3% drop in the compliant lender. Shariah Dubai Islamic Bank (DISB.DU).

In contrast, blue chip developer Emaar Properties (EMAR.DU) gained 0.5%.

The board of Emaar Properties, owner of the Dubai Mall, will meet on Thursday to discuss the sale of its fashion e-commerce business, the company announced on Monday. Read more

The meeting will take place a week after Emaar announced a $2 billion cash and stock buyout of a joint venture partner in one of its real estate projects.

In Abu Dhabi, the index (.FTFADGI) fell 0.2%, with the UAE’s largest lender, First Abu Dhabi Bank (FAB.AD), losing 0.6%.

The benchmark Qatari index (.QSI) fell 0.4%, led by a 1% decline in the Gulf’s largest lender, Qatar National Bank (QNBK.QA) and a 0.7% decline in Qatar Islamic Bank (QISB.QA).

Saudi Arabia’s benchmark (.TASI), however, bucked the trend and traded up 0.2%, with Saudi Arabian Mining Co (1211.SE) rising 4.7%. %.

But the Saudi index’s gains were limited by a 0.7% decline in oil giant Saudi Aramco (2222.SE).

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Reporting by Ateeq Shariff in Bengaluru Editing by Mark Potter

Our standards: The Thomson Reuters Trust Principles.

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