Stock markets in the Gulf closed lower on Tuesday, weighed by data pointing to weakness in the services sector in China, which fueled concerns about the recovery of the second largest economy in the world.
A survey of the private sector showed, on Tuesday, that China’s services sector grew at its slowest pace in eight months in August, with demand remaining weak in the world’s largest oil importer.
In Abu Dhabi, the index fell for the third consecutive session, closing down 0.9 percent, affected by a 0.9 percent drop in International Holding Company and 1.3 percent in Multipleplay Group.
First Abu Dhabi Bank, the UAE’s largest bank, fell 1.8 percent, while Abu Dhabi Islamic Bank fell 1.1 percent.
The Qatari index continued its series of losses for the fifth consecutive session, closing down 0.6 percent, with the decline of most of the sectors included in it.
Qatar National Bank, the largest bank in the region, fell 1.6 percent, while Qatar Gas Transport Limited (Nakilat) fell 3.3 percent.
The Dubai index fell for the second consecutive session, down 0.4 percent, with all sectors included in it declining.
Traffic tariff services Salik fell 1.5 percent and the National Central Cooling Company fell 4.1 percent.
Emirates NBD Bank fell 1.2 percent.
The Saudi index fell 0.2 percent, extending its losses for the fourth consecutive session, affected by the decline in the shares of the giant oil company, Saudi Aramco, by 0.6 percent, and the National Bank of Saudi Arabia, by 1 percent.
Outside the Gulf region, the leading stock index in Egypt rose 0.7 percent, extending its gains for the second session, with the share of the Commercial International Bank rising 1.5 percent, and the share of the Eastern Company (Eastern Company) 7.3 percent.
The Eastern Company, Egypt’s largest tobacco products maker, announced a full-year net profit jump of 90.1 percent, with revenues also increasing from the previous year.
2023-09-05 14:56:24
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