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May 8 (Reuters) – Gulf stocks ended mixed on Monday as traders worried about global and local economic developments, while a string of weak corporate earnings weighed on sentiment.
In Abu Dhabi, the index (.FTFADGI) It fell 0.2 percent, hit by a 2.4 percent drop in Alpha Dhabi Holding (ALPHADHABI.AD).
Fadi Reyad, chief market analyst at CAPEX.com, said Abu Dhabi stocks were under pressure as traders were still considering whether to lock in gains after a modest rebound in April.
“While limited catalysts leave the market with no apparent support, a strong rebound in oil prices could help limit losses and even reverse the direction of the market.”
Oil Prices – Catalyst for Gulf Financial Markets – Rose Crude oil prices fell nearly 3% on Monday after falling for the first three weeks in a row for the first time since November, as fears of a U.S. recession eased.
Saudi Arabia’s Benchmark Index (.one) It reversed its early losses and closed flat.
Dubai main stock index (.DFMGI) Also closed flat.
In Qatar, the index (.QSI) increased by 0.4%, with commercial banks (Card.QA) climbed 3.2%.
However, gains in the index were capped by a 0.8% drop in petrochemical maker Industries Qatar (IQCD.QA) After reporting a sharp drop in quarterly net profit.
Elsewhere, Qatar Aluminum Manufacturing Company (QAMC.QA) Shares fell 2.6 percent on weak first-quarter earnings.
Beyond the Gulf, Egypt’s blue-chip index (.EGX30) rebounded 2.4 percent, snapping a five-session losing streak as most stocks in the index were in positive territory, including Abu Qir Fertilizers and Chemicals (ABUK.CA)closing up 9.4%.
Reporting by Ateeq Shariff in Bengaluru; Editing by Barbara Lewis
Our standards: Thomson Reuters Trust Principles.
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