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Tuesday, November 30, 2021

Gulf markets end mixed as oil prices fall on US tariff threat

Gulf markets end mixed as oil prices fall on US tariff threat

DUBAI: Gulf stock markets ended mixed on Wednesday as sentiment was hurt by a more than $2 a barrel drop in Brent crude after United States President Donald Trump threatened new tariffs on China.

Qatar shares, down 0.4 percent, and Oman’s index , 1 percent lower, led the declines. But Abu Dhabi rose 0.5 percent, and Kuwait’s premier index added 1.4 percent, extending gains from a day earlier.

Elsewhere, the concern of US tariffs on a further $200 billion of Chinese goods weighed on commodities and Asian stock markets.

In Saudi Arabia, financials dragged the benchmark down 0.4 percent Samba Financial Group dropped 2 percent and Banque Saudi Fransi, fell 1.9 percent. Chemical shares were hit as well including Yanbu National Petrochemical which lost 2.3 percent.

Jarir Marketing closed up 1.0 percent to 181.8 riyals ($48.63) a share on the Saudi bourse after reporting an estimated 10 percent increase in second quarter profit.

Asset manager NCB Capital said it was overweight in the stock and that it had a target price of 209.6 riyals per share after Jarir released its latest quarterly results.

NCB Capital also said it believed Jarir’s store expansions would continue to negate the impact of new regulations, such as VAT and the expat levy.

In Qatar, Commercial Bank fell 2.4 percent and Qatar Islamic Bank shed 1.5 percent. Petrochemicals, metals and fertiliser producer Industries Qatar lost 1.1 percent.

Abu Dhabi shares were supported by First Abu Dhabi Bank (FAB), up 1.2 percent, and Emirates Telecom (Etisalat), up 0.6 percent. Abu Dhabi National Energy (TAQA) added 4.1 percent despite lower oil prices but Dana Gas lost 1.0 percent.

In Dubai, the index was dragged down 0.1 percent by property share with Emaar Properties falling 2.2 percent and DAMAC Properties losing 1.0 percent.

The Dubai real estate sector has been a drag on the exchange this year with analysts expecting weak property values to fall further on excess supply.

Copyright Reuters, 2018

Source: Brecorder

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