Most Gulf stocks fall as oil prices decline

Most of the major Gulf stocks moved lower in early trade on Wednesday as oil prices fell, with Abu Dhabi under-performing amongst the peers.

Oil prices dipped as hopes for a trade deal between the United States and China dimmed, after U.S. President Donald Trump fell short of providing a date or venue for the signing ceremony, weighing on the outlook for the global economy and energy demand.

Brent crude futures and West Texas Intermediate crude were down 0.3 percent and 0.2 percent respectively.

In Abu Dhabi, the index fell for a sixth straight session and was trading 0.4 percent lower. Market heavyweight First Abu Dhabi Bank slipped 0.5 percent, while Emirates Telecommunications Group was down 0.4 percent.

Offsetting the losses was Abu Dhabi Islamic Bank which leapt 3.2 percent, its biggest intraday gain since April 9 this year. The lender said its board would consider raising limits on ownership of its shares by non-UAE locals.

Dubai’s index edged down 0.3 percent as the courier and logistics services provider Aramex declined 2.8 percent and Emaar Malls dropped 1.6 percent.

Amlak Finance plunged 5.5 percent. The Islamic financing firm narrowed its loss in the third quarter, but said the accumulated losses were still at 1.35 billion dirhams ($367.57 million).

The insurer Dar Al Takaful declined 5.4 percent as it reported a 41 percent fall in its third-quarter profit.

Saudi Arabia’s index was down 0.2 percent after four days of consecutive gains.

Saudi Basic Industries slipped 0.9 percent And Al Rajhi Bank was down 0.3 percent.

Qatar’s index, however, was up 0.2 percent with Qatar Insurance rising 2 percent and Qatar Fuel adding 0.8 percent.

Source: Reuters

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