Most Gulf stocks fall, tracking oil and Asian stocks lower

An investor monitors a screen showing stock information at the Abu Dhabi Stock Exchange on June 25, 2014. /archive photo

Aug 16 (Reuters) – Most major Gulf stock markets were lower in early trade on Tuesday, tracking lower Asian stocks and oil prices, with the Abu Dhabi index on track for a third straight session of losses.

Brent crude futures, a key catalyst for Gulf financial markets, fell $1.21, or 1.3%, to $93.89 a barrel by 0635 GMT, as gloomy economic data from top crude buyer China reignited concerns about a global recession. ‘s concerns.

China’s central bank slashed lending rates to revive demand as China’s economy unexpectedly slowed in July, with factory and retail activity squeezed by Beijing’s zero-coronavirus policy and the property crisis. read more

Dubai’s main stock index (.DFMGI) Down 0.3%, hit by top bank Emirates NBD down 1.1% (ENBD.DU) Shariah-compliant lender Dubai Islamic Bank down 0.3% (DISB.DU).

On the other hand, blue-chip developer Emaar Properties (Emar. You) rose 0.5%.

The board of Emaar Properties, which owns The Dubai Mall, will meet on Thursday to discuss the sale of its e-commerce fashion business, the company said on Monday. read more

The meeting will take place a week after Emaar announced the acquisition of one of its joint venture partners in a real estate project for $2 billion in cash and stock.

In Abu Dhabi, the index (.FTFADGI) Down 0.2%, Abu Dhabi First Bank, the largest bank in the United Arab Emirates (FAB.AD) It fell 0.6%.

Qatar Benchmark (.QSI) Down 0.4%, boosted by a 1% drop in Qatar National Bank, the largest bank in the Gulf (QNBK.QA) Qatar Islamic Bank fell 0.7% (QISB.QA).

Saudi Arabia Benchmark Index (.one)However, the deal with Saudi Arabian miners bucked the trend and rose 0.2% (1211.SE) rose 4.7%.

But gains in the Saudi index were capped by a 0.7% drop in oil giant Aramco (2222.SE).

Reporting by Ateeq Shariff in Bengaluru Edited by Mark Potter

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