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Reuters
a day ago
- Business
- Reuters
Most Gulf bourses subdued on falling oil prices
Aug 19 (Reuters) - Most Gulf stock markets were subdued in early trade on Tuesday as oil prices fell ahead of possible three-way talks involving Moscow, Kyiv and Washington to end the war in Ukraine. Oil prices, a catalyst for the Gulf's financial markets, slid 1% as investors weighed the possibility of a peace deal between Russia and Ukraine, which would likely lead to the lifting of sanctions on Russian crude. Brent crude was trading at $65.97 a barrel, as of 0745 GMT. Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.2%, with most constituents trading lower. Dar Al Arkan Real Estate ( opens new tab lost 1.3% and Saudi Arabian Mining ( opens new tab declined 0.9%. Company For Cooperative Insurance ( opens new tab rose 1.1% after it won a contract from National Water Company. The Qatari benchmark index (.QSI), opens new tab slipped 0.4%, dragged down by declines in most constituents. Commercial Bank ( opens new tab eased 1.3% and Industries Qatar ( opens new tab fell 0.8%. The Abu Dhabi benchmark index (.FTFADGI), opens new tab was down 0.1%, pressured by a 1.2% fall in Abu Dhabi Islamic Bank ( opens new tab. ADNOC Distribution ( opens new tab shed 0.5% and ADNOC Logistics ( opens new tab declined 0.8%. Meanwhile, Santos said the Abu Dhabi National Oil Company (ADNOC)-led consortium will not be able to finalise its $18.7 billion bid for the Australian gas producer for at least a month, well past the exclusive due diligence deadline. Dubai's benchmark stock index (.DFMGI), opens new tab traded in a narrow range as gains in consumer staples and real estate stocks countered losses in most other sectors. Emaar Properties ( opens new tab gained 0.7% and Spinneys 1961 Holding ( opens new tab advanced 3.3%, while Emirates NBD ( opens new tab, Dubai's largest lender, dropped 1.3%.
Zawya
a day ago
- Business
- Zawya
Mideast Stocks: Most Gulf bourses subdued on falling oil prices
Most Gulf stock markets were subdued in early trade on Tuesday as oil prices fell ahead of possible three-way talks involving Moscow, Kyiv and Washington to end the war in Ukraine. Oil prices, a catalyst for the Gulf's financial markets, slid 1% as investors weighed the possibility of a peace deal between Russia and Ukraine, which would likely lead to the lifting of sanctions on Russian crude. Brent crude was trading at $65.97 a barrel, as of 0745 GMT. Saudi Arabia's benchmark stock index fell 0.2%, with most constituents trading lower. Dar Al Arkan Real Estate lost 1.3% and Saudi Arabian Mining declined 0.9%. Company For Cooperative Insurance rose 1.1% after it won a contract from National Water Company. The Qatari benchmark index slipped 0.4%, dragged down by declines in most constituents. Commercial Bank eased 1.3% and Industries Qatar fell 0.8%. The Abu Dhabi benchmark index was down 0.1%, pressured by a 1.2% fall in Abu Dhabi Islamic Bank. ADNOC Distribution shed 0.5% and ADNOC Logistics declined 0.8%. Meanwhile, Santos said the Abu Dhabi National Oil Company (ADNOC)-led consortium will not be able to finalise its $18.7 billion bid for the Australian gas producer for at least a month, well past the exclusive due diligence deadline. Dubai's benchmark stock index traded in a narrow range as gains in consumer staples and real estate stocks countered losses in most other sectors. Emaar Properties gained 0.7% and Spinneys 1961 Holding advanced 3.3%, while Emirates NBD , Dubai's largest lender, dropped 1.3%. (Reporting by Md Manzer Hussain; Editing by Subhranshu Sahu)
