Latest news with #GulfStocks
Zawya
19-05-2025
- Business
- Zawya
Mideast Stocks: Most Gulf stocks inch lower as global sentiment sours
Most Gulf stocks were trading lower early on Monday as Asian shares fell and oil prices weakened, while investor sentiment was rattled by mixed economic data from China and a downgrade of the U.S. credit rating. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8%, while Wall Street share futures slipped as concerns over unpredictable U.S. economic policies were amplified by Moody's downgrade of the country's credit rating. Meanwhile in China, official data showed growth in industrial output slowed in April, though still fared better than economists had expected. The downgrade and mixed data also weighed on oil prices with front-month Brent crude futures falling 0.8% by 0630 GMT. Saudi Arabia's benchmark stock index fell 0.2%, weighed by a near 3% drop in construction firm Retal Urban Development Company SJSC. Among gainers on the index, insurance firm Allied Cooperative Insurance Group surged 14.65% after it announced a announced a 1 for 0.72 rights issue. Meanwhile, Abu Dhabi's benchmark index was down 0.12% and Kuwait's benchmark index fell 0.21%. Bucking the trend, Dubai's main share index rose 0.45% supported by a 5.26% rise in public parking spaces provider Parkin Company.
Reuters
19-05-2025
- Business
- Reuters
Most Gulf stocks inch lower as global sentiment sours
May 19 (Reuters) - Most Gulf stocks were trading lower early on Monday as Asian shares fell and oil prices weakened, while investor sentiment was rattled by mixed economic data from China and a downgrade of the U.S. credit rating. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was down 0.8%, while Wall Street share futures slipped as concerns over unpredictable U.S. economic policies were amplified by Moody's downgrade of the country's credit rating. Meanwhile in China, official data showed growth in industrial output slowed in April, though still fared better than economists had expected. The downgrade and mixed data also weighed on oil prices with front-month Brent crude futures falling 0.8% by 0630 GMT. Saudi Arabia's benchmark stock index (.TASI), opens new tab fell 0.2%, weighed by a near 3% drop in construction firm Retal Urban Development Company SJSC ( opens new tab. Among gainers on the index, insurance firm Allied Cooperative Insurance Group ( opens new tab surged 14.65% after it announced a announced a 1 for 0.72 rights issue. Meanwhile, Abu Dhabi's benchmark index (.FTFADGI), opens new tab was down 0.12% and Kuwait's benchmark index (.BKP), opens new tab fell 0.21%. Bucking the trend, Dubai's main share index (.DFMGI), opens new tab rose 0.45% supported by a 5.26% rise in public parking spaces provider Parkin Company ( opens new tab.
Zawya
15-05-2025
- Business
- Zawya
Mideast Stocks: Gulf markets lacklustre as global stocks rally loses steam
Most Gulf stocks were unchanged early on Thursday, as oil prices slid and broader Asian stocks fell after enthusiasm from easing trade tensions began to fade and investors waited for further cues. Oil prices slid on expectations of a potential U.S.-Iran nuclear deal, with Brent crude futures and U.S. crude falling more than 2% each. Global stocks earlier in the week had rejoiced after U.S-China trade war truce but the rally lost steam as investors paused to take stock and weigh its implications on the economy. Dubai's main share index was the only market in the region that chose a definite direction, rising up 0.3%. Saudi Arabia's benchmark stock index was flat by 0706 GMT. Meanwhile, Saudi Aramco said on Wednesday it had signed 34 preliminary deals with major U.S. companies, potentially worth up to $90 billion. Shares of Aramco were down 0.4% in early trade on Thursday. U.S. President Donald Trump signed a host of economic and bilateral cooperation agreements with Saudi Arabia earlier this week to kick off a four-day Middle East trip with a focus on dealmaking with a key Mideast ally. In Abu Dhabi, the benchmark index was down 0.02%, while Qatar's benchmark stock index was down 0.06%. (Reporting by Chandini Monnappa in Bengaluru; Editing by Mrigank Dhaniwala)
Zawya
14-05-2025
- Business
- Zawya
Mideast Stocks: Gulf stocks inch lower as surplus oil worries weigh
Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index was down 0.19%. Saudi Telecom and Saudi Electricity Company were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company. The refiner is on track to log its third straight session of gains. Dubai's main share index was flat, trading down 0.09% as a 2.5% gain in Mashreqbank was offset by a 2.7% fall in Amlak Finance. Abu Dhabi's benchmark index was unchanged while Qatar's benchmark stock index was down 0.01%.
Reuters
14-05-2025
- Business
- Reuters
Gulf stocks inch lower as surplus oil worries weigh
May 14 (Reuters) - Most Gulf stocks on Wednesday inched lower as a fall in oil prices over worries of increasing supplies hurt sentiment and investors paused to reflect over the implications of the U.S.-China tariff truce on the economy. Oil prices - a catalyst for the Gulf's financial markets -fell on Wednesday, as traders watched for a potential jump in U.S. crude inventories. However, prices held near two-week highs as optimism after the U.S. and China agreed to temporarily lower their reciprocal tariffs lingered. Although the U.S.-China trade war seems to have paused, financial markets remain uneasy about the outlook. Meanwhile, Israel issued evacuation warnings on Wednesday for three seaports in Yemen after saying the Iran-aligned Houthis had fired a missile towards it while U.S. President Donald Trump was on a visit to three Gulf states. Saudi Arabia's benchmark stock index (.TASI), opens new tab was down 0.19%. Saudi Telecom ( opens new tab and Saudi Electricity Company ( opens new tab were the top losers, both falling nearly 5% early on Wednesday. The losses were limited by a 8% surge in shares of Saudi Arabian Refineries Company ( opens new tab. The refiner is on track to log its third straight session of gains. Dubai's main share index (.DFMGI), opens new tab was flat, trading down 0.09% as a 2.5% gain in Mashreqbank ( opens new tab was offset by a 2.7% fall in Amlak Finance ( opens new tab. Abu Dhabi's benchmark index (.FTFADGI), opens new tab was unchanged while Qatar's benchmark stock index (.QSI), opens new tab was down 0.01%.
