May 8 (Reuters) – Stock markets in the Gulf region ended mixed on Monday as traders worried about global and local economic developments and a series of weak corporate earnings weighed on sentiment.
In Abu Dhabi, the index (.FTFADGI) fell 0.2%, hit by a 2.4% decline in Alpha Dhabi Holding (ALPHADHABI.AD).
The Abu Dhabi stock market came under pressure as traders still considered whether to take profits after April’s modest recovery, said Fadi Reyad, chief market analyst at CAPEX.com.
“While limited catalysts exited the market without clear support, a strong rebound in oil prices could help limit losses and even reverse market direction.”
Oil prices — a catalyst for Gulf financial markets — rose nearly 3% on Monday as recession fears eased in the US and some traders felt a fall in crude prices was overdone for the first time since November after three consecutive weekly declines.
The Saudi Arabia benchmark index (.TASI) recouped early losses to end flat.
The main Dubai stock index (.DFMGI) also ended unchanged.
In Qatar, the index (.QSI) was up 0.4%, while the Commercial Bank (COMB.QA) was up 3.2%.
However, the index’s gains were capped by a 0.8% decline in petrochemical maker Industries Qatar (IQCD.QA) after it reported a sharp fall in quarterly net profit.
Elsewhere, Qatar Aluminum Manufacturing Company (QAMC.QA) slipped 2.6% on weak first-quarter earnings.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) rallied 2.4%, ending five losses as most stocks in the index were in positive territory, including Abu Qir Fertilizers and Chemicals (ABUK.CA), the at 9.4% closed higher.
Reporting by Ateeq Shariff in Bengaluru; Edited by Barbara Lewis
Our standards: The Thomson Reuters Trust Principles.
Comments are closed.