Mideast Stocks: Most Gulf bourses fall tracking Asian shares, oil prices

Most stock markets in the Gulf fell in early trade on Monday, tracking Asian shares as concerns about the prospect of rapid U.S. interest rate hikes and slowing global economic growth rattled investors.

Saudi Arabia's benchmark index dropped 0.6%, extending losses for a second session, with Saudi Kayan Petrochemical sliding about 8% after reporting a steep fall in quarterly profit.

Regional rivals Iran and Saudi Arabia held a fifth round of "positive" talks in Baghdad last Thursday on normalising bilateral relations, Iran's foreign ministry spokesperson Saeed Khatibzadeh confirmed.

In Qatar, the index lost 0.7%, as most of the stocks on the index were in negative territory, including petrochemical firm Industries Qatar.

Crude prices, a key catalyst for the Gulf's financial markets, slumped to about two-week lows as concerns grew that prolonged COVID-19 lockdowns in Shanghai and potential U.S. rate hikes would hurt global economic growth and demand for fuel.

Dubai's main share index declined 0.7%, on course to end four sessions of gains, weighed down by a 1% fall in Emirates NBD Bank.

The Abu Dhabi index eased 0.3%.


Source: https://www.zawya.com/en/markets/equities/mideast-stocks-most-gulf-bourses-fall-tracking-asian-shares-oil-prices-l1i6luhq


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