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Most Gulf stocks fall on weak corporate earnings; Abu Dhabi gains – Markets

Most Gulf stocks fall on weak corporate earnings; Abu Dhabi gains – Markets

Most Gulf stocks ended lower on Tuesday, weighed down by oil prices and weaker-than-expected corporate earnings, while the Abu Dhabi index pared early losses.

Oil prices – a major contributor to the Gulf region’s economy – fell more than 1 percent after the U.S. government said it would release more crude from its Strategic Petroleum Reserve.

Brent crude futures were down $1.06, or 1.22%, at $85.56 a barrel by 1152 GMT.

Dubai’s benchmark stock index closed down 0.3 percent, snapping a nine-session winning streak, dragged down by losses in the utilities, industrials and communications sectors.

Major Gulf stocks end mixed ahead of U.S. inflation data

Air Arabia fell 3.4%, its worst day since early May, after the low-cost carrier reported a 24% drop in its fourth-quarter net profit.

The Abu Dhabi index edged up 0.1%, helped by Conglomerate International Holding Co’s 0.25% gain ahead of its annual earnings later in the day.

After trading hours, Conglomerate reported a 175 percent jump in full-year net profit to AED31.86 billion ($8.68 billion).

Saudi Arabia’s benchmark stock index fell 0.2%, dragged down by losses in the financial and healthcare sectors.

Shares in Arab National Bank fell 3.2% after the lender’s full-year profit fell short of market expectations of 3.2 billion riyals. It reported a net profit of 3.07 billion riyals, up 41% from 2021.

Outside the Gulf, Egypt’s blue-chip index rose 1.3%, boosted by Juhayna Food Industries’ surge of 7.7% after it appointed Seif El-Din Safwan Thabet as vice chairman and chief executive.

Saudi Arabia fell 0.22% to 10,497

Abu Dhabi edged up 0.1% to 9,942

Dubai fell 0.3% to 3,459

Egypt rose 1.3% to 17,431

Bahrain rose 0.1% to 1,938

Oman down 2.6% to 4,619

Kuwait down 0.1% to 8,190

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