Dec 6 (Reuters) – Most Gulf stock markets closed lower on Wednesday due to falling oil prices, but Saudi Arabia’s stock index bucked an upward trend and ended higher. finished.
Oil prices, a catalyst for Gulf financial markets, continued to fall as investors weighed the effectiveness of extending OPEC+ production cuts in tightening supply against a deteriorating demand outlook in China.
Concerns about the economic health of China, the world’s second-largest oil consumer, also weighed on prices, as concerns could limit overall fuel demand.
Dubai’s main stock index (.DFMGI) fell 0.2%, affected by a 0.7% decline in blue-chip developer Emar Properties (EMAR.DU).
In the Abu Dhabi market, the index (.FTFADGI) fell by 0.4%.
Growth in non-oil business activity in the United Arab Emirates slowed in November from multi-year highs seen in the previous month, due to slower growth in new orders and weaker business confidence, a survey showed on Wednesday. It was revealed.
Meanwhile, Saudi Arabia’s benchmark index (.TASI) rose 0.0%, supported by a 1.9% rise in digital solutions provider Elm (7203.SE). It rose by 3%.
Meanwhile, oil major Saudi Aramco (2222.SE) fell 0.2%.
Aramco said on Wednesday that Saudi Arabia had cut the price of its main Arab light crude oil sold to Asia in January to $3.50 per barrel above the Oman-Dubai average for the first time in seven months.
Qatar Benchmark (.QSI) fell 0.7%, falling for the fourth consecutive session, while Qatar National Bank (QNBK.QA) fell 1.3%.
Outside the Gulf, the Egyptian blue-chip index (.EGX30) ended 1.7% lower as most constituents fell into negative territory, including Commercial International Bank (COMI.CA), which fell 1%.
Separately, Egypt’s inflation rate is expected to slow for the first time in two months in November due to base effects and subdued food price rises, a Reuters poll on Wednesday said.
The inflation rate has been on the rise over the past two years, rising from 5.6% in November 2021 to a record high of 38% in September.
Report by Ateeq Shariff in Bangalore.Editing: Sohini Goswami
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