Most stock markets in the Gulf ended down yesterday after tracking oil and global shares lower with the Saudi index falling for a ninth consecutive session.
Oil prices – a catalyst for the Gulf’s financial markets – fell by more than 1.5 per cent after data showed China’s imports and exports fell much more than expected in July in another sign of a sluggish post-Covid rebound for the world’s largest oil importer.
Saudi Arabia’s benchmark index lost 0.3pc, weighed down by a 1.8pc fall in Dr Sulaiman Al Habib Medical Services Co and a 2.2pc decrease in Saudi National Bank.
Oil giant Saudi Aramco, however, advanced 1.2pc.
Aramco on Monday reported a net profit of 112.81 billion riyals ($30.07bn) for the second quarter, beating a company-provided median estimate from 15 analysts of $29.8bn.
The group declared a base dividend of more than $19.51bn, roughly in line with its payout for the first quarter.
It will also start paying performance-linked dividends for six quarters, starting with a $9.87bn payout in the third quarter.
The Qatari index dropped 1.1pc, as most of the stocks on the index were in positive territory, including petrochemical maker Industries Qatar, which retreated 3.5pc ahead of its earnings announcement.
Dubai’s main share index finished flat.
MSCI’s index of global stocks fell 0.36pc as investors assessed the latest weak economic data out of China.
Abu Dhabi bucked the trend. Its index advanced 1.7pc, led by a 3pc rise in International Holding Co (IHC).
Last week, conglomerate IHC said it was refocusing on domestic acquisitions as global economic challenges hamper its efforts to expand abroad and net profit fell slightly in the second quarter.
Outside the Gulf, Egypt’s blue dropped 0.5pc, with tobacco monopoly Eastern Co losing 2.8pc.
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