Mideast Stocks: Major Gulf markets varied as oil oversupply fears loom
Saudi Arabia's benchmark stock index ended slightly lower on Thursday, weighed down by a fall in oil prices on expectations for a U.S.-Iran nuclear deal, while a surprise build in U.S. crude oil inventories last week heightened investor concerns about oversupply. Oil prices are a catalyst for the Gulf's financial markets.
Brent crude futures were down $1.98, or 3%, to $64.11 a barrel at 1217 GMT. Earlier this week, investors were met with a wave of optimistic developments — from a breakthrough in the U.S.-China trade tensions to a series of high-profile investment agreements in the Middle East during U.S.
President Donald Trump's Gulf visit. But the enthusiasm faded on Thursday, with MSCI's broadest index of Asia-Pacific shares outside Japan inching 0.15% lower and Wall Street futures 0.5% weaker. However, performance across Gulf stocks varied on Thursday.
A 10% drop in construction material maker Zamil Industrial dragged Saudi Arabia's benchmark index lower by 0.41%.
Dubai's main share index closed up 0.73%, supported by a 4.6% jump in toll gates operator Salik Company. In Abu Dhabi, the benchmark index settled up 0.04%, while Qatar's benchmark stock index closed down 0.18%.
Outside the Gulf, Egypt's blue-chip index, extended gains to a fourth straight session, closing up 0.36%. down 0.41%
SAUDI ARABIA to 11,485.05 rose
ABU DHABI 0.04% to 9,625.19 rose 0.73%
DUBAI to 5,398.77 down 0.18%
QATAR to 10,574.59 up 0.36%
EGYPT to 31,941.15 rose 0.03%
BAHRAIN to 1,920.771 rose 0.30%
OMAN to 4,410.22 rose 0.02%
KUWAIT to 8,756.47
(Reporting by Chandini Monnappa and Rishab Shaju in Bengaluru; Editing by Shailesh Kuber)
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