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☆ Most Gulf markets fall on weak oil; Saudi gains
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing RightsDec 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, in response to Friday's fall in oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf's financial markets - slumped more than 2% on Friday on investor scepticism over the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Arabian Pipes Co (2200.SE) advancing 5.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.7%, with Commercial International Bank (COMI.CA) declining 2%.

Persons: Joe Biden, Christopher Pike, Jerome Powell, Ateeq, Bernadette Baum, Sharon Singleton Organizations: Dubai Financial, United Arab Emirates, REUTERS, Qatar Islamic Bank, Saudi Aramco, Arabian Pipes, Federal, Gulf Cooperation Council, U.S ., Commercial International Bank, Thomson Locations: Dubai, United Arab, Saudi, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Most Gulf markets in the red on falling oil prices
▼ + stars: | 2023-11-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsNov 26 (Reuters) - Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices, although the Saudi index bucked the trend to trade higher. Oil - a catalyst for the Gulf's financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium. Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.8%, with top lender Commercial International Bank (COMI.CA) losing 2%. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company (7203.SE).

Persons: Joe Biden, Hamad I Mohammed, Ateeq, Louise Heavens Organizations: Bahrain Bourse, U.S, REUTERS, Stock, Qatar Islamic Bank, Industries Qatar, Commercial International Bank, Elm Company, Thomson Locations: Bahrain, Manama, Saudi, Gaza, Qatar, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ Manchester United Shareholders May Have Scored After All
▼ + stars: | 2023-10-18 | by ( Jon Sindreu | ) www.wsj.com time to read: 1 min

British billionaire Jim Ratcliffe is the only remaining bidder for Manchester United soccer club. PHOTO: PETER BYRNE/ZUMA PRESSManchester United shareholders are acting like despondent soccer fans after video-refereeing technology disallows a goal. Yet they might still win the match. The British soccer club’s publicly traded Class A shares have lost roughly 10% of their value since the weekend, when it was widely reported that British billionaire Jim Ratcliffe is in talks to buy a 25% stake through his petrochemical company Ineos. The other bidder, Sheikh Jassim Bin Hamad al-Thani, chairman of Qatar Islamic Bank, dropped out.

Persons: Jim Ratcliffe, PETER BYRNE, ZUMA, disallows, club’s, Sheikh Jassim Bin Hamad Organizations: Manchester United soccer, ZUMA PRESS Manchester United, Qatar Islamic Bank Locations: Thani, Qatar

☆ Qatar stock market ends higher, Saudi extends losses
▼ + stars: | 2023-08-06 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

An electronic board displaying data is seen at the Doha Stock Exchange in Doha, Qatar January 6, 2021. REUTERS/Ibraheem Al Omari/File PhotoAug 6 (Reuters) - Qatar stock market closed higher on Sunday in response to rising oil prices amid supply cuts by top producers, while the Saudi index ended lower on weaker corporate earnings. The Qatari Stock index (.QSI) advanced 0.2%, ending two sessions of losses, with Baladna (BLDN.QA) climbing 3% and Qatar Fuel (QFLS.QA) gaining 1%. The index heavyweight Islamic banks Qatar Islamic Bank (QISB.QA) and Qatar International Islamic Bank (QIIB.QA) added 2.2% and 1.1% respectively. The food products distributor Halwani reported higher losses in second quarter compared to a year earlier.

Persons: Al Omari, Halwani, Md Manzer Organizations: Doha Stock Exchange, REUTERS, Qatar, Qatar Islamic Bank, Qatar International Islamic Bank, Savola, Thomson Locations: Doha, Qatar, Saudi, Saudi Arabia, Russia, El Gadida, El

☆ Qatar stock market ends lower, Egypt rises
▼ + stars: | 2023-06-18 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

The Qatari Stock index (.QSI) dropped 0.1%, extending its losses to a second session with Gulf's biggest lender Qatar National Bank (QNBK.QA) falling 0.2% and Qatar Islamic Bank (QISB.QA) shedding 1.1%. Among the losers, Lesha Bank (QFBQ.QA) and Dukhan Bank (DUBK.QA) lost 1.1% and 1.3% respectively. Saudi Arabia's benchmark index (.TASI) added marginally as losses in energy and financial sectors countered gains in most of the sectors. Dr Sulaiman Al-Habib Medical Services (4013.SE) climbed 2.5% and Mouwasat Medical Services (4002.SE) surged 6.1%. However, Riyad Bank (1010.SE) and the world's largest Islamic bank by assets Al Rajhi Bank (1120.SE) lost 2.1% and 0.7% respectively.

Persons: Christopher Waller, Dr Sulaiman Al, Md Manzer Hussain, David Evans Organizations: . Federal, United Arab, Qatar National Bank, Qatar Islamic Bank, Lesha Bank, Dukhan Bank, Habib Medical Services, Mouwasat Medical Services, Riyad Bank, Al Rajhi Bank, Co, International Finance Corporation, IFC, Thomson Locations: United States, Saudi Arabia, United Arab Emirates, Qatar, Saudi, El

☆ Most Gulf markets gain after US debt deal, job data
▼ + stars: | 2023-06-04 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

June 4 (Reuters) - Most stock markets in the Gulf ended higher on Sunday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest economy, while jobs data fuelled hopes for a possible pause in Fed rate hikes. Oil prices - a key catalyst for the Gulf's financial markets - rose more than 2% on Friday after the U.S. debt deal and jobs data. In Qatar, the index (.QSI) finished 1.8% higher, with almost all the stocks closing in positive territory including Qatar Islamic Bank (QISB.QA), which gained 2.1%. Outside the Gulf, Egypt's blue-chip index (.EGX30) eased 0.4%, hit by a 0.7% fall in top lender Commercial International Bank (COMI.CA). Reporting by Ateeq Shariff in Bengaluru; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Biden, Ateeq, David Holmes Organizations: U.S, Congress, Saturday, Al Rajhi Bank, Riyad Bank, Gulf Cooperation, Saudi, Qatar Islamic Bank, Commercial International Bank, Saudi Arabia's Milling, Reuters, Thomson Locations: Saudi, Al Rajhi, Gulf, Qatar, Ateeq Shariff, Bengaluru

☆ Saudi bourse jumps on earnings; Egypt extends losses
▼ + stars: | 2023-05-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

May 7 (Reuters) - Saudi Arabia's stock market ended higher on Sunday boosted by a slew of strong earnings, although the Egyptian bourse extended losses. Saudi Arabia's benchmark index (.TASI) gained 1.2%, buoyed by a 6% jump in Saudi British Bank (1060.SE), its biggest intraday gain since Dec. 2021, following a steep rise in first-quarter earnings. The lender reported a quarterly net profit of 1.77 billion riyals ($471.99 million) up from 1 billion riyals year ago. In Qatar, the index (.QSI) added 0.3%, with Qatar Islamic Bank (QISB.QA) climbing 2.7%. However, the index's gains were limited by a 1.1% fall in petrochemical maker Industries Qatar (IQCD.QA) ahead of its earnings announcement.

☆ Major Gulf markets mixed in early trade
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Major stock markets in the Gulf were mixed in early trade on Wednesday amid rising recession fears in the United States, with the Saudi index on course to end five-day winning streak. U.S. Consumer confidence fell to a nine-month low in April, a survey showed, intensifying concerns of a potential recession. Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course snap a five-session gains, hit by a 1.1% drop in oil giant Saudi Aramco (2222.SE). Dubai's main share index (.DFMGI) retreated 0.6%, weighed down by a 3.2% slide in Emaar Properties PJSC (EMAR.DU). U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday.

☆ Qatar leads Gulf bourses higher on hopes of Fed rate pause
▼ + stars: | 2023-03-26 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 26 (Reuters) - Qatar's stock market closed higher on Sunday, outperforming other bourses in the Gulf region, as expectations of a pause in rate hikes by the U.S. Federal Reserve lifted investor sentiment. The Fed raised its main interest rate by a quarter point on Wednesday, but signaled it would consider a pause in light of banking system stresses. The Qatari Stock index (.QSI) climbed 1.2%, extending its rally to a third straight session. The index recorded an advance in all sectors, with the Gulf's biggest lender Qatar National Bank (QNBK.QA) rising 3.1% and Qatar Islamic Bank (QISB.QA) adding 2.7%. The index was lifted up by a 15.1% jump in Sidi Kerir (SKPC.CA) and a 7% rise in Fawry Banking (FWRY.CA).

☆ Saudi leads most Gulf bourses higher; Egypt down
▼ + stars: | 2023-03-19 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

March 19(Reuters) - Saudi Arabia's stock market closed higher on Sunday to outperform the Gulf region, amid expectations of a lower interest rate hike by the U.S. Federal Reserve in the aftermath of the collapse of two big regional banks. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. Saudi Arabia's benchmark index (.TASI) ended its five sessions losing streak, jumping 1.8%, the highest intraday rise since Dec 13. The index heavyweight Islamic banks Qatar Islamic Bank (QISB.QA) and Masraf Al Rayan (MARK.QA) rose 1.9% and 3.2% respectively. Outside the Gulf, Egypt's blue-chip index (.EGX30) dropped 0.2%, extending its looses into a sixth sessions.

☆ World markets set for aftershocks as SVB collapse ripples out
▼ + stars: | 2023-03-12 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +5 min

LONDON, March 12 (Reuters) - Markets were set for a bumpy ride this week as the fallout from collapsed startup-focused lender Silicon Valley Bank (SVB), the biggest U.S. bank failure since the 2008 financial crisis, coincides with key economic data and policy meetings. It later recovered most of its losses after Circle, the firm behind it, assured investors it would honour the peg despite exposure to Silicon Valley Bank. SVB could have a domino effect on other U.S. regional banks and beyond. The S&P 500 regional banks index (.SPLRCBNKS) dropped 4.3%, bringing its loss for the week to 18%, its worst week since 2009. UK finance minister Jeremy Hunt's UK budget may be overshadowed by the SVB fallout in Britain.

☆ Most Middle Eastern stock markets in red as bank worries spread
▼ + stars: | 2023-03-12 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

March 12 (Reuters) - Most stock markets in the Middle East ended lower on Sunday, with the Egyptian bourse leading the declines, in response to Friday's fall in global shares over fears of contagion following the collapse of Silicon Valley Bank (SVB) (SIVB.O). The startup-focused lender became the largest bank to fail since the 2008 financial crisis on Friday, roiling global markets and leaving billions of dollars belonging to companies and investors stranded. In Qatar, the index (.QSI) slid 1.6%, as almost all the stocks were in negative territory including Qatar Islamic Bank (QISB.QA), which tumbled 3.9%. Saudi Arabia's benchmark index (.TASI) dropped 0.8%, weighed down by a 1.7% fall in Al Rajhi Bank (1120.SE) and a 0.8% decrease in Retal Urban Development CO (4322.SE). Outside the Gulf, Egypt's blue-chip index (.EGX30) tumbled 3.1%, with 28 of thirty one stocks on the index trading red, including top lender Commercial International Bank (COMI.CA), which was down 1.8%.

☆ Most Gulf markets open lower on weak oil prices, rate-hike bets
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite. Saudi Arabia's benchmark stock index (.TASI) fell 0.2%, extending losses to a seventh consecutive session. The Qatari Stock index (.QSI) eased 0.1%, dragged down by losses in financial stocks. Bucking the trend, Dubai's benchmark index (.DFMGI) rose 0.4%, lifted by gains in property and banking shares. ($1 = 3.7519 riyals)Reporting by Shamsuddin Mohd in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Major Gulf bourses drop on Fed's hawkish tone
▼ + stars: | 2023-02-23 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +2 min

Feb 23 (Reuters) - Major Gulf bourses closed lower on Thursday as investors remained cautious after the U.S. Federal Reserve's minutes from latest meeting reinforced a hawkish tone, although the Egyptian index bucked the trend. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. With steepest intraday decline since Jan. 17, the index witnessed losses in almost all sectors, led by financial and energy stocks. The gulf region's largest lender Qatar National Bank (QNBK.QA) declined 2.1% and Qatar Islamic Bank (QISB.QA) plunged 9.6%, the sharpest intraday slide since March 2020 as the stock traded ex-dividend. Outside the Gulf, Egypt's blue-chip index (.EGX30) rose 1.4%, snapping its previous session losses.

☆ Gulf markets rise on China demand optimism
▼ + stars: | 2023-01-24 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +3 min

Jan 24 (Reuters) - Gulf stock markets closed higher on Tuesday on expectations of economic recovery in the world's second largest economy, China, and smaller interest rate hikes from the U.S. Federal Reserve. Most Gulf currencies are pegged to the U.S. dollar, while Saudi Arabia, the United Arab Emirates and Qatar usually mirror U.S. monetary policy changes. The world's largest Islamic bank by market capitalization, Al Rajhi Bank (1120.SE), rose 0.8%. Qatar Islamic Bank (QISB.QA) continued its gains with a 2.3% rise and Qatar International Islamic Bank (QIIB.QA) rose 1.7%. Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corporation to fund its trading, including imports of energy products and essential commodities.

☆ Major Gulf stocks rise on higher oil prices, China demand prospects
▼ + stars: | 2023-01-22 | by ( Md Manzer Hussain | ) www.reuters.com time to read: +1 min

Jan 22 (Reuters) - Most major Gulf markets ended higher on Sunday, reflecting Friday's rise in oil prices driven by prospects that an upbeat economic growth outlook from China could signal increased fuel demand in the world's second-largest economy. Oil, which fuels the region's economies, settled up about $1 a barrel on Friday, with Brent crude at $87.63 a barrel, up $1.47 or 1.7%. Saudi Arabia's benchmark index (.TASI) rose 0.4%, supported by a 1.5% gain in luxury real estate developer Retal Urban Development (4322.SE) and a 0.8% rise in oil giant Aramco (2222.SE). Al Rajhi Bank (1120.SE), the world's largest Islamic bank by market capitalization, rose 0.5%. The Gulf's biggest lender Qatar National Bank (QNBK.QA) continued its rally with a 2.3% gain and Qatar Islamic Bank (QISB.QA) rose 1.3%.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Most Gulf markets subdued on economic concerns; Dubai gains
▼ + stars: | 2022-12-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Dubai's main share index (.DFMGI) added 0.3%, ending three sessions of losses, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Among other gainers, Islamic Arab Insurance (SALAMA) (SALAMA.DU) advanced 3.9%, after saying it is considering a proposal to acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance (Aman) (DNIN.DU). The benchmark index (.QSI) in Qatar - among the world's top exporters of liquefied natural gas - retreated 1.2%. Most stocks on the index were in negative territory including Qatar Islamic Bank (QISB.QA), which was down 2.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) climbed 1.2%, with El Sewedy Electric (SWDY.CA) surging 8.1%.

☆ Most Gulf markets fall in early trade; Dubai gains
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Dec 26 (Reuters) - Most stock markets in the Gulf fell in early trade on Monday, with modest trading volumes in absence of many foreign investors for the Christmas holidays. Saudi Arabia's benchmark inex (.TASI) eased 0.1%, hit by a 0.6% fall in Retal Urban Development Co (4322.SE) and a 1.1% decline in the kingdom's biggest lender Saudi National Bank (1180.SE). However, Yanbu National Petrochemicals Company (2290.SE) gained 0.8% after it proposed half-yearly dividend of 1.25 riyal. Dubai's main share index (.DFMGI), however, rose 0.5%, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi ends higher on oil prices; most Gulf markets in red
▼ + stars: | 2022-12-25 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

Dec 25 (Reuters) - Saudi Arabian stocks climbed on Sunday in response to Friday's rise in oil prices, while most other bourses in the Gulf were in the red on global economic concerns. Oil prices settled about $3 per barrel higher on Friday for a second straight week of gains after Moscow said it could cut crude output in response to the G7 imposing a price cap on Russian exports. The Saudi bourse could maintain a stronger profile this week if oil prices continue to move to the upside, said Daniel Takieddine, CEO MENA at BDSwiss. According to Takieddine, the Qatari market saw additional price corrections after last week's pause as natural gas prices remained very volatile. Outside the Gulf, Egypt's blue-chip index (.EGX30) was down 0.7%, extending losses from the previous session.

☆ Most Gulf markets ease on economic worries, volatile energy prices
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

Dec 20 (Reuters) - Major stock markets in the Gulf fell in early trade on Tuesday, with the Saudi index falling the most on economic concerns and volatile energy prices. Saudi Arabia's benchmark index (.TASI) declined 1.3%, with Retal Urban Development Co (4322.SE) losing 1.6% and Dr Sulaiman Al-Habib Medical Services (4013.SE) dropped 4.6%. Last week, the U.S. Federal Reserve and European Central Bank raised interest rates and promised more, adding to concerns of a global economic downturn. Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1.8% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU). The Qatari index (.QSI), however, added 0.2%, helped by a 1.3% rise in Qatar Islamic Bank (QISB.QA).

☆ Most Gulf markets retreat on Fed rate woes, oil price slump
▼ + stars: | 2022-12-11 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Dec 11 (Reuters) - Most major Gulf equities eased on Sunday on falling oil prices amid supply woes and uncertainty over a price cap on Russian oil, while the Egypt index fell on price corrections. "Also oil prices could witness further downtrend this week as recession fears may fuel demand concerns, with European price cap on Russian oil remaining a source of uncertainty," added Mourad. Saudi Arabia's benchmark index (.TASI) fell 1.1%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) sliding 1.8% and Luxury real estate developer Retal Urban Development Company (4322.SE) losing 0.7%. However, Saudi National Bank (1180.SE) and ACWA Power (2082.SE) jumped 2% and 4.4% respectively. (IQCD.QA)Outside the Gulf, Egypt's blue-chip index (.EGX30) also eased 1.7%, ending eight straight days of gains.

☆ Egypt's index outperforms regional peers; Saudi extends losses
▼ + stars: | 2022-12-04 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Dec 4 (Reuters) - Egypt's blue-chip index outperformed regional peers to close higher on Sunday, while Saudi and Qatari stocks slipped on weakness in the financial and petrochemical sectors. They could fall further this week after OPEC+ agreed to stick to its oil output targets on Sunday but volatility is likely to continue after G7 countries and Australia also agreed a price cap on Russian oil. Saudi Arabia's benchmark index (.TASI) fell 0.9%, with Sabic Agri-Nutrients (2020.SE) down 4.2% and Sulaiman al-Habib Medical Services (4013.SE) 1.2% lower. Separately, Saudi oil behemoth Aramco's (2222.SE) base oil subsidiary Luberef announced its IPO price range between 91 and 99 riyals each. In Qatar, the index (.QSI) finished flat, as gains in energy stocks were partially offset by losses in financial stocks.

☆ Saudi, Qatar indexes extend losses on weak oil, Egypt up
▼ + stars: | 2022-11-27 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Nov 27 (Reuters) - Saudi Arabia and Qatar stock markets closed lower on Sunday, as uncertainties in oil prices amid Chinese COVID-19 curbs and haggling over a cap on Russian oil prices, weighed on investors' sentiments, although Egypt rose, bucking the trend. Saudi Arabia's benchmark index (.TASI) fell 1.3%, with Al Rajhi Bank (1120.SE) retreating 1.2%, while Sabic Agri-Nutrients (2020.SE) was down 3.9%. Separately, Saudi oil behemoth Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. The Qatari index (.QSI) also dropped 1.1%, extending losses from previous session, led by its financial stocks with Qatar Islamic Bank (QISB.QA) and Commercial Bank Qatar (COMB.QA) plunging 1.9% and 2.1% respectively. "Egyptian stock market, supported by the large trading volumes by local investors, continue to maintain its strong performance" added Takieddine.

☆ Major Gulf markets fall in early trade on growth worries
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

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 (.TASI) dropped 0.3%, on course to extend losses for a third session, with Dr Sulaiman Al-Habib Medical Services (4013.SE) losing 2.7% and Riyad Bank (1010.SE) falling 1.1%. Physical crude markets have weakened in recent days, reflecting softer demand from China and Europe. Dubai's main share index (.DFMGI) fell 0.3%, hit by a 0.4% fall in Emirates NBD (ENBD.DU). The Qatari index (.QSI) retreated 0.8%, on course to extend losses for a sixth session, with Qatar Islamic Bank (QISB.QA) dropping 1.6%.

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