Most Gulf markets fall on economic downturn concerns: Qatar up

Variety
2023-01-05 | 05:57
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Most Gulf markets fall on economic downturn concerns: Qatar up
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Most Gulf markets fall on economic downturn concerns: Qatar up

Most major Gulf stock markets fell on Thursday, weighed down by concerns over an economic downturn and volatile oil prices, and hawkish US Federal Reserve minutes.

 
Oil prices fell sharply overnight on worries that the near-term outlook looks precarious in China and that a global slowdown will hurt fuel demand. Brent crude futures were last up $1 at $78.84 per barrel.
 
Minutes of the Fed's December meeting released overnight showed while officials agreed that the central bank should slow the pace of interest rate increases, they remained focused on curbing inflation.
 
Top oil exporter Saudi Arabia may further cut the prices for its flagship Arab Light crude grade to Asia in February, after they were set at a 10-month low this month, as concerns of oversupply continued to cloud the market.
 
Saudi Arabia's benchmark stock index (.TASI) fell 0.5 percent, dragged down by a 0.5 percent decline in state oil giant and index heavyweight Saudi Aramco (2222.SE).
 
Aramco may cut the official selling price for the medium sour grade by about $1.50 a barrel in February, dragging the February Arab Light price to a level last seen in November 2021.
 
In Abu Dhabi, the benchmark index (.FTFADGI) edged down 0.1 percent, led by a 0.4 percent slide in conglomerate International Holding Company (IHC.AD) and a 0.1 percent fall in Alpha Dhabi (ALPHADHABI.AD).
 
Abu Dhabi state fund Mubadala Investment Co and Alpha Dhabi (ALPHADHABI.AD) plan to deploy up to 9 billion dirhams ($2.45 billion) in credit markets through a new joint venture, the companies said.
 
Dubai's main share index (.DFMGI) declined 0.1 percent, pressured by losses in financial and real estate stocks. Emirates NBD Bank (ENBD.DU), Dubai's largest lender, lost 0.8 percent, while blue-chip developer Emaar Properties (EMAR.DU) was down 0.9 percent.
 
The benchmark stock index (.QSI) in Qatar climbed 1.8 percent, with almost all constituent stocks trading in positive territory. Qatar Islamic Bank (QISB.QA) surged 4.6 percent and Qatar National Bank (QNBK.QA), the Gulf's largest lender, climbed 3.6 percent.
 

Variety

Middle East

Gulf

Middle East

Saudi Arabia

Qatar

Inflation

Economy

Finance

Stocks

Oil

Prices

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