Gulf Stock Markets Close Lower on Lower Oil Prices and Chinese Economic Data Ahead of Debt Ceiling Vote in Washington

Oil prices, a major catalyst for financial markets in the Gulf, fell more than 2 percent on the strength of the dollar, while weak data from China, the largest oil importer, raised concerns about demand.

Market movements

– The main index in Saudi Arabia fell more than 1 percent to 11,014.13 points, With Al-Rajhi Bank share falling 1.3 percent and Riyad Bank share 2.8 percent.

Ahmed Negm, head of market research for the Middle East and North Africa at XS.com, said that the Saudi stock market recorded losses as investors assessed the impact of Chinese manufacturing activity, which was weaker than expected, on the local economy.

“The main indicator can remain exposed to developments in energy markets,” he added.

In Abu Dhabi, the index closed down 0.8 percent to 9,406.57 points.

– The Qatari index fell 1.8 percent, recording the largest decline compared to the region’s indices, with most stocks falling on the index, including Qatar Petrochemical Industries, which fell 4.4 percent.

But the main stock index in Dubai bucked the general trend, closing 0.3 percent higher 3,576.63 points.

Outside the Gulf region, the leading stock index in Egypt, EGX30, lost 0.2 percent, with the share of the Commercial International Bank declining 0.4 percent.