Most Gulf Markets Drop As Oil Prices Fall
02.15.2023 By - NEWS

February 15, 2023 [Reuters] – Most Gulf stock markets fell in early trade on Monday, in tandem with weaker oil prices and Asian peers as investors were cautious ahead release of crucial U.S. inflation data.


Oil, which fuels the region’s growth, declined around 1% with Brent crude was down $85.66 a barrel by 0743 GMT.

The U.S. Federal Reserve has been raising interest rates to rein in inflation, leading to concerns that the move would slow economic activity and demand for oil.

In Abu Dhabi, the benchmark stock index (.FTFADGI) dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi (ALPHADHABI.AD) and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%.

However, ADNOC Drilling (ADNOCDRILL.AD) jumped 2.1% after it reported a rise of 33% in 2022 net profit, with revenue boosted by its onshore and oilfield services businesses.

The Qatari Stock index (.QSI) fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%.

Saudi Arabia’s benchmark stock index (.TASI) opened on positive note trading 0.6% higher. The index supported by gains in most sectors with Dr. Sulaiman Al-Habib Medical jumping 2.8% and oil major Aramco rising 0.8%

Riyad Bank and Saudi Arabian Mining surged 4.1% and 2.8% after the both reported a 17% and 78.3% jump in full year profit respectively.

Dubai’s benchmark stock index (.DFMGI) inched up 0.1%, helped by gains in financials and real estate sectors, with Dubai Islamic Bank gaining 0.5% and low cost flyer Air Arabia rising 1.7%.

United Arab Emirates- based cooling service provider Emirates Central Cooling Systems rose 0.7% in early trade after it reported about 7% increase in full year profit.

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