Qatar leads most Gulf indexes lower on recession worries

An investor screens a display screen displaying inventory info on the Abu Dhabi Securities Change June 25, 2014.

Aug 23 (Reuters) – Most inventory markets within the Gulf ended decrease on Tuesday as threat urge for food was dampened by recession fears and unstable power costs, with the Qatari index underperforming the area.

Asian shares had been down for a seventh straight session after a renewed spike in European power costs stoked fears of recession and pushed bond yields increased, whereas tipping the euro to 20-year lows.

Benchmark fuel costs within the European Union surged 13% in a single day to a report peak.

In Qatar, the index (.QSI) dropped 1.5%, as a lot of the shares on the index had been in adverse territory together with the Gulf’s greatest lender Qatar Nationwide Financial institution (QNBK.QA), which was down 3.2%.

In keeping with Ahmed Fouad, head of gross sales at Emporium Capital, buyers moved to safe their beneficial properties. “The market may, nonetheless, discover some help from the elevated pure fuel costs.”

Saudi Arabia’s benchmark index (.TASI) gave up early beneficial properties to complete 1.1% decrease, with Al Rajhi Financial institution (1120.SE) shedding 1% and petrochemical maker Saudi Fundamental Industries Corp (2010.SE) retreating greater than 2%.

The Saudi power minister stated OPEC+ had the means to take care of challenges together with slicing manufacturing, state information company SPA stated on Monday, citing feedback Prince Abdulaziz bin Salman made to Bloomberg in an interview. learn extra

Crude costs rose $1.32 to $97.80 a barrel, by 1110 GMT, as tight provide moved again into focus over the probabilities of OPEC+ output cuts to help costs and the prospect of a drop in U.S. crude inventories.

Dubai’s predominant share index (.DFMGI) dropped 0.5%, hit by a 1.4% fall in sharia-compliant lender Dubai Islamic Financial institution (DISB.DU).

The Abu Dhabi index (.FTFADGI) eased 0.2%.

Outdoors the Gulf, Egypt’s blue-chip index (.EGX30) concluded 1.1% decrease.

The Egyptian index, which is down greater than 15% to date this 12 months, has come below stress due to a pointy slide in overseas portfolio investor holdings and rising prices of key commodity imports, particularly since Russia’s invasion of Ukraine.

Reporting by Ateeq Shariff in Bengaluru; Enhancing by Shailesh Kuber

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