Major Gulf markets dip on oil weakness, inflation worries

Author: Monitoring Desk

Most major Gulf stock markets sank in early trade on Monday as oil prices plummeted, with the Qatari index on track to end a three-session winning streak. Crude prices fell for a second day as disappointing China economic data raised fears about demand in the world’s largest crude importer, while the head of the world’s leading exporter, Saudi Aramco, indicated it was ready to ramp up supply. The Saudi benchmark index fell 0.1pc, with Retal Urban Development Co falling 0.3pc and Banque Saudi Fransi falling 1pc. Among the other losers was Saudi Aramco, which fell 0.3pc despite reporting a significant increase in quarterly profit. The Qatari benchmark fell 1pc, putting an end to a three-session winning run, as the majority of the index’s companies fell, notably Qatar Islamic Bank, which down 2.3pc. Baladna, a dairy company, fell 3.6pc after announcing a sharp drop in first-half net earnings. However, Dubai’s main share index rose 0.1pc, aided by a 0.7pc gain in blue-chip developer Emaar Properties.

Share
Leave a Comment

Recent Posts

  • Top Stories

‘We are well aware of our constitutional limits’: Gen Asim Munir

During his address at the passing out parade of the Pakistan Air Force at the…

7 hours ago
  • Pakistan

PIA Issues Travel Advisories for UAE-bound Passengers Amidst Stormy Weather

  In light of the severe weather conditions in the United Arab Emirates (UAE), Pakistan…

9 hours ago
  • Business

Investors scour the globe for shelter as Wall Street shakes

Global investors are eyeing European and emerging market assets to protect themselves from further turbulence…

13 hours ago
  • Business

Fed to hold rates steady as inflation dims hopes for policy easing

U.S. central bank officials will conclude their latest two-day policy meeting on Wednesday with a…

13 hours ago
  • Business

Asian markets track Wall St down as Fed looms

Asian stocks sank in holiday-thinned trade Wednesday, tracking a sharp sell-off on Wall Street after…

13 hours ago
  • Business

Bank of Japan’s hawkish whispers drowned out by rowdy yen selloff

The Bank of Japan's decision to keep policy unchanged last week gave yen bears plenty…

13 hours ago