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Most stock markets in Gulf decline as economic worries persist

Reuters by Reuters
April 5, 2023
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Most stock markets in the Gulf ended lower on Wednesday in line with global shares as signs that the economic outlook is weakening spurred caution.

MSCI’s world equity index pulled further away from Tuesday’s almost seven-week highs, while Asia trade was thinned by holidays in Hong Kong and China.

Weak US economic data this week has exacerbated recession worries, taking the edge off recent stock market gains.

Saudi Arabia’s benchmark index dropped 0.3%, hit by a 5.2% fall in Dr Sulaiman Al-Habib Medical Services, while Arabian Centres Co retreated 4.3% as the mall operator went ex-dividend.

In the previous two sessions, the Saudi index posted sharp gains after a surprise announcement by OPEC+ to further cut oil production.

The surprise cuts to the OPEC+ group’s output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West, which is grappling with higher interest rates to tame inflation, analysts and traders said on Monday.

The Saudi market is at some risk of price corrections after its recent strong increases as traders move to secure their gains, said Daniel Takieddine, CEO MENA at BDSwiss.

“At the same time, the market continues to see strong fundamentals as shown by the improved credit rating, which could help push sentiment and prices up,” he said, referring to an upgrade on Wednesday of Saudi Arabia’s credit rating from ratings agency Fitch to A+ from A.

Dubai’s main share index declined 0.7%, weighed down by a 0.8% decrease in Dubai Electricity and Water .

In Abu Dhabi, the index eased 0.1%.

The Qatari index lost 0.4%, ending two sessions of gains.

According to Takieddine, the Qatari bourse remained under pressure as natural gas prices failed to recover from multi-month lows.

Outside the Gulf, Egypt’s blue-chip index rose 0.1%.

Egypt’s net foreign reserves rose slightly to $34.447 billion in March from $34.352 billion in February, the central bank said on Wednesday.

SAUDI ARABIA lost 0.3% to 10,921

ABU DHABI fell 0.1% to 9,495

DUBAI down 0.7% to 3,430

QATAR dropped 0.4% to 10,359

EGYPT rose 0.1% to 17,019

BAHRAIN eased 0.1% to 1,887

OMAN gained 0.3% to 4,801

KUWAIT added 0.1% to 7,757

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