01-05-2025
Gulf bourses end mixed on oil price fall, weak US economic data
May 1 (Reuters) - Stock markets in the Gulf ended mixed on Thursday amid falling oil prices and weaker-than-expected U.S. GDP data.
The U.S. economy contracted in the first quarter, largely because of a surge in imports as businesses sought to avoid expected tariffs.
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Risks are high that U.S. President Donald Trump's tariff policies could push the global economy into a recession this year, a Reuters poll found on Monday.
Saudi Arabia's benchmark index (.TASI), opens new tab declined 1.1%, weighed down by a 0.9% fall in Al Rajhi Bank ( opens new tab and a 2.2% slide in the country's biggest lender Saudi National Bank ( opens new tab.
Oil giant Saudi Aramco ( opens new tab also fell 0.6%.
Oil prices — a catalyst for the Gulf's financial markets — fell, extending a steep decline the previous session due to signs that Saudi Arabia, the world's largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world's top oil consumer.
Meanwhile, Saudi Arabia's economy grew in the first quarter, supported by activity in the non-oil sector as the kingdom pushes on with diversifying away from hydrocarbons.
Dubai's main share index (.DFMGI), opens new tab declined 0.7%; Commercial Bank of Dubai ( opens new tab fell 8.9%, snapping a four-day winning streak.
In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.2% higher, helped by a 0.4% rise in conglomerate International Holding ( opens new tab.
The Qatari benchmark (.QSI), opens new tab eased 0.1%, with petrochemical maker Industries Qatar ( opens new tab retreating 2.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab rose 0.3%, with Commercial International Bank ( opens new tab gaining 1.3%.
