Economic news

Major Gulf Markets Fall in Early Trade on Growth Worries

Nov 22 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday on growth worries following COVID-19 flare-ups in China and weak oil demand, with the Qatari index on course to extend losses for a sixth session.

Saudi Arabia's benchmark index dropped 0.3%, on course to extend losses for a third session, with Dr Sulaiman Al-Habib Medical Services losing 2.7% and Riyad Bank falling 1.1%.

On Monday, the kingdom said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA.

Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe.

Crude prices - a key catalyst for the Gulf's financial markets - inched higher on Tuesday as the dollar eased but worries about a global recession and China's rising COVID-19 case numbers denting demand from the world's top crude oil importer weighed on sentiment.

Dubai's main share index fell 0.3%, hit by a 0.4% fall in Emirates NBD.

Separately, Dubai's main airport on Tuesday raised its passenger forecast for this year by nearly two million to 64.3 million people after a strong pick up in business in the third quarter from the same period last year.

In Abu Dhabi, the index lost 0.4%.

United Arab Emirates' energy minister said on Monday that the Gulf state denied that it is engaging in any discussion with other OPEC+ members to change their latest agreement, adding that it is valid until the end of 2023.

The Qatari index retreated 0.8%, on course to extend losses for a sixth session, with Qatar Islamic Bank dropping 1.6%.

Reporting by Ateeq Shariff in Bengaluru; Editing by Janane Venkatraman

Source: Reuters


To leave a comment you must or Join us


More news


Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree