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Mideast Stocks: Most Gulf Markets Subdued on Weaker Asia, Volatile Energy Prices

Mideast Stocks: Most Gulf Markets Subdued on Weaker Asia, Volatile Energy Prices

Saudi Arabia's benchmark stock index eased 0.1%

Shamsuddin Mohd, Reuters News

Most Gulf stock markets were subdued on Tuesday, mirroring a decline in Asian shares and volatile energy prices as standoff over the U.S. debt ceiling capped investor risk appetite, although Abu Dhabi edged up led by hospital operator Burjeel.

Oil prices — a key catalyst for gulf's financial markets — fell, hit by investor concern over the risk of a U.S. debt default, with Brent crude falling 26 cents, or 0.3%, to $75.73 a barrel by 0807 GMT.

Saudi Arabia's benchmark stock index eased 0.1%, falling for a third session in a row, dragged down by financial stocks, with Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, and Riyad Bank slipping 0.3% 0.4%, respectively.

The state oil giant and index heavyweight Saudi Aramco was down 0.2%.

Abdulmohsen Al-Hokair Group dropped more than 4%, after its quarterly losses widened to 34.34 million riyals ($9.16 million), while revenue from almost all the segments decreased.

Dubai's main share index fell 0.3%, led by property and financial stocks, with both blue-chip developer Emaar Properties and lender Dubai Islamic Bank dropping more than 1%.

Qatar's benchmark stock index also fell 0.1%, led by the declines in financial stocks. Index heavyweight Qatar Islamic Bank and Qatar National Bank, the region's largest bank, declined 0.7% and 0.2%, respectively.

The Abu Dhabi benchmark index, however, edged up 0.2%, in a second session of gains, led by a 2.7% jump in Burjeel Holdings after it announced the launch of an advanced gynaecology institute.

Emirates Telecommunications Group jumped more than 3%%.

($1 = 3.7501 riyals)

(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Rashmi Aich)

Source: ZAWYA