Most Gulf markets retreat on lower oil prices

Oct 24 (Reuters) – Most stocks in the Gulf fell on Monday as oil prices fell, although the Saudi index recovered early losses to end higher.

Crude oil prices fell as demand in the world’s top crude importer remained subdued in September as strict COVID-19 policies and fuel exports dampened consumption, Chinese data showed, the main catalyst for the Gulf market.

In Abu Dhabi, the index (<.FTFADGI>) Shares in Abu Dhabi First Bank, the country’s largest bank, fell 0.5% () Down 0.6%.

Dubai’s main stock index (<.DFMGI>) Down 0.6%, with Shariah-compliant bank Dubai Islamic Bank down 1% () Blue-chip developer Emaar Properties fell 0.8% (<开始读>).

Wael Makarem, senior market strategist at Exness, said there was some volatility in the Dubai stock market while global sentiment remained uncertain.

“Meanwhile, the market may get some support from Empower’s IPO, which may attract liquidity and investor interest in the market.”

Emirates Central Cooling Systems (Empower) program in Dubai Launch an IPO next week, company executives said on Monday.

Empower is the fourth state-linked entity to seek a listing in Dubai this year, a project aimed at boosting investor interest in the domestic stock exchange.

benchmark index (<.QSI>) Qatar closes 0.8% lower as Islamic bank Masraf Al Rayan () down 2.8%, commercial banks ()Shares of the company scheduled to report its nine-month earnings fell 2.7%.

Saudi Arabia Benchmark Index (<.TASI>) Reversing early losses to end 0.6% higher, rising for second straight session, Al Rajhi Bank (<1120.SE>) Add 0.7%.

Elsewhere, shares of Saudi dairy and food companies (<2270.SE>) It was the biggest intraday gain of 10% since August as the company’s quarterly net profit jumped 60%.

Saudi Kayan Petrochemical Company stock (<2350.SE>) The company posted a quarterly loss of 812.27 million riyals ($216.14 million) and its shares fell 3.8 percent.

The Crown Prince of Saudi Arabia launched an initiative on Sunday, Attract investment An initial target of raising 40 billion riyals ($10.64 billion) in supply chains in and out of Saudi Arabia.

Beyond the Gulf, Egypt’s Blue Chip Index (<.EGX30>) up 0.6%, led by Egyptian Commercial International Bank up 2.5% ().

According to Makarem, the Egyptian market still faces a reversal as international investors continue to sell off.

(1 USD = 3.7580 rials)

Reporting by Ateeq Shariff in Bengaluru; Editing by Kirsten Donovan

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