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Monday, September 25, 2023

Key Gulf markets fall on lower oil prices


May 15 (Reuters) – Major stock indexes in the Gulf region fell in early trade on Monday, tracking oil prices lower, led by Dubai shares.

Crude oil prices – the main catalyst for financial markets in the region – fall Optimism over tighter supply amid OPEC+ production cuts and a resumption of reserve purchases by the United States was offset by concerns about fuel demand in the world’s largest oil consumer, the United States and China.

Saudi Arabia’s Benchmark Index (.one) Riyadh Bank SJSC fell 0.3 percent (1010.SE) down 1.8%, Al Rajhi Banking and Investment Corporation (1120.SE) eased 0.3%.

The country’s annual inflation rate was 2.7% in April, Same as last monthmainly driven by housing rental costs, according to government data released on Monday.

Compared with many major economies, the outlook for inflation in the Gulf countries is bleak, Reuters survey established.

Dubai main stock index (.DFMGI) Shares with Sharia-compliant lender Dubai Islamic Bank PJSC fell 1.1 percent (DISB.DU) Down 1.9%, blue-chip developer Emaar Properties PJSC (EMAR. YOU) down 1.3%.

In Abu Dhabi, the index (.FTFADGI) Alpha Dhabi Holding PJSC down 0.6% (ALPHADHABI.AD) fell 0.9 percent, while ADNOC Gas Plc (ADNOCGAS.AD) It fell about 4%, its third straight session of losses.

The energy company’s initial public offering in March, Report Net income rose 9%. However, revenue fell 15% YoY to $6.2 billion.

Meanwhile, Abu Dhabi National Energy Company PJSC (TAQA.AD) Shares rose 1 percent after reporting quarterly net income of 11.6 billion dirhams ($3.16 billion), an increase of 9.6 billion dirhams and proposing a dividend of 0.65 fil.

Qatar benchmark (.QSI) fell 0.8% as most indexes were in negative territory, including QPSC, the region’s largest lender. (QNBK.QA)down 1.7%.

Qatar Nautical QPSC, however, bucks the trend (QNNC.QA) up 3.8%.

($1 = 3.6717 United Arab Emirates dirhams)

Reporting by Ateeq Shariff in Bengaluru; Editing by Sonia Cheema

Our standards: Thomson Reuters Trust Principles.


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