Stock markets in the Gulf put in a mixed performance on Monday as oil prices weakened and in the absence of fresh factors to trade on.
Oil prices – a catalyst for the Gulf’s financial markets – slipped after rising 6% last week, but supply worries amid mounting tensions between Western powers and major oil producers Russia and Iran kept a floor under prices.
Saudi Arabia’s benchmark share index dropped 0.7%, weighed down by a 1.4% fall in Al Rajhi Bank and a 2.5% fall in ACWA Power Company.
Oil behemoth Saudi Aramco slipped 0.2%.
Dubai’s main share index snapped two sessions of losses to rise 1%, led by a 5.7% jump for toll operator Salik Co.
Markets still expect a Federal Reserve interest rate cut next month, although rate-cut bets have been dialled back in recent weeks.
Most Gulf markets gain on oil; Egypt falls
Monetary policy in the Gulf Cooperation Council (GCC) region often aligns with the Fed’s decisions as most of its currencies are pegged to the U.S. dollar.
Share indices in Abu Dhabi and Qatar closed flat on the day.
Outside the Gulf, Egypt’s blue-chip index fell 0.4%, with Commercial International Bank retreating 0.8%.
---------------------------------------- SAUDI ARABIA lost 0.7% to 11,788 ABU DHABI was flat at 9,232 DUBAI advanced 1% to 4,768 QATAR fnished flat at 10,413 EGYPT lost 0.4% to 30,271 BAHRAIN eased 0.7% to 2,021 OMAN fell 0.9% to 4,519 KUWAIT dropped 0.6% to 7,771 ----------------------------------------
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