Stock markets in the Gulf dropped yesterday, led by the Qatar index, tracking global peers lower as investors look ahead to a key US inflation marker later in the week.
Saudi Arabia’s benchmark index slipped 1.1 per cent, the sharpest intraday fall in nearly two months, with oil giant Saudi Aramco and the kingdom’s largest lender Saudi National Bank sliding 1.1pc and 1.4pc, respectively.
Among other losers, Riyad Bank slumped 4.9pc, the deepest drop in over two month, and Al Rajhi Bank slipped 3.5pc, the steepest decline in about two months as both lenders were trading ex-dividend.
The Qatari benchmark index declined 1.2pc, the sharpest drop in over a month with all stocks in the red.
Qatar National Bank, the region’s largest lender, slumped 3.3pc to 14.2 riyal, hitting its lowest in nearly six years.
In Abu Dhabi, the benchmark index was little changed, with conglomerate International Holding and its unit Multiply shedding 0.1pc and 1.3pc, respectively, while First Abu Dhabi, the UAE’s largest lender gained 1.5pc.
Dubai’s benchmark index was up marginally with gains in real estate, finance, consumer staples, and utilities sectors offsetting the losses in communication services, industry and real estate.
Dubai Islamic Bank rose 1pc and Emirates Central Cooling added 0.6pc, while Emirates Integrated Telecommunication and low-cost flyer Air Arabia slipped 2.3pc and 1.1pc, respectively.
Outside the Gulf, Egypt’s blue-chip index was up for a third straight session and ended 1pc higher with most sectors in the green. Talaat Mostafa gained 1.9pc and El Sewedy Electric added 2.9pc.
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