Most Gulf bourses slide as oil prices slip
by Reuters
2023-03-20
March 20(Reuters) - Most stock markets in the Gulf fell in early trade on Monday, tracking global peers and oil prices dragged down by concern risks in the global banking sector may cause a recession and cut fuel demand.
Crude prices - a catalyst for the Gulf's financial markets - slid 3.2% with Brent at $70.58 per barrel by 0715 GMT.
In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 1.4%, sapped by a 2.6% decline in conglomerate International Holding and 1.4% loss in Alpha Dhabi.
Abu Dhabi's largest lender by assets, First Abu Dhabi Bank fell 0.6% and Abu Dhabi Commercial Bank shed 3.1%.
Dubai's benchmark stock index (.DFMGI) was down 0.5% in early trade, weighed by losses in industry and financial sectors, with tolls operator Salik falling 1.8%.
Dubai's real estate developers Deyaar Development and Emaar Development dropped 1.3% and 1.5% respectively.
The conglomerate Industries Qatar declined 1.1% and Qatar Aluminum lost 1.9%.
The region's largest bank Qatar National Bank and Commercial Bank dropped 0.3% and 1.8% respectively.
Saudi Arabia's benchmark stock index (.TASI) fell 0.5%, undermined by losses in finance, materials and energy sectors with world's largest Islamic bank by assets Al Rajhi Bank losing 0.6% and the Kingdom's largest commercial bank Saudi National Bank dropping 1.8%.
Saudi's ICT services provider Perfect Presentation For Commercial Services bucked the trend to rise 2.7% after it posted a 63% jump in full year net profit.
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