Mideast Stocks: Gulf markets end mixed on economic concerns, volatile energy prices

PHOTO

Stock markets in the Gulf ended mixed on Tuesday, amid growing concerns over a global economic downturn and volatile energy prices.

Saudi Arabia's benchmark index reversed early losses to close 0.9% higher, with Al Rajhi Bank advancing 3.7% and Retal Urban Development Co rising 1.8%. Elsewhere, SABIC Agri-Nutrients Co jumped 6.2% after the firm proposed a cash dividend of 8 riyals per share for the second-half of 2022.

The kingdom's crude oil exports rose for a fifth straight month in October to the highest in 30 months, data from the Joint Organisations Data Initiative (JODI) showed on Monday.

Dubai's main share index added 0.3%, buoyed by a 10.1% surge in National Central Cooling Co (Tabreed) following media reports that Saudi Arabia's sovereign wealth fund the Public Investment Fund is in talks to buy a stake worth $250 million in Saudi Tabreed - a local venture of Tabreed.

In Abu Dhabi, the index eased 0.2%. The Abu Dhabi bourse saw some price corrections after a strong rebound, Fadi Reyad, chief market analyst at CAPEX.com MENA, said. "The main index could also be pulled down by the uncertainty around the developments in oil markets," he said.

The Qatari benchmark dropped 0.2%, hit by a 1.6% fall in Qatar International Islamic Bank. Oil prices - a key catalyst for the Gulf's financial markets - rose, supported by a softer dollar and a U.S. plan to restock petroleum reserves, but gains were capped by uncertainty over the impact of rising COVID-19 cases in top oil importer China.

Outside the Gulf, Egypt's blue-chip index declined 1.5%, falling for a fourth consecutive session as profit taking continues.

The Central Bank of Egypt (CBE) will raise its overnight interest rates by 200 basis points on Thursday as it tries to quell soaring inflation after a sharp devaluation of the currency, a Reuters poll predicted on Tuesday.