July 1, 2022

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MIDEAST STOCKS Most Major Gulf Bourses Fall In Early Trade; Saudi Gains

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Most major stock markets in the Gulf retreated in early trade on Wednesday, a day after registering moderate gains, although the Saudi index extended gains from the previous session.

Saudi Arabia’s benchmark index (.TASI) added 0.2%, with petrochemical maker Saudi Basic Industries (2010.SE) gaining 0.8% and Saudi Telecom Co (7010.SE) up 0.6%.

The value of Saudi Arabia’s oil exports in June increased 123% to 61.5 billion riyals ($16.4 billion) from a year earlier, while non-oil exports rose by around 41%, official data showed on Tuesday.

China remained Saudi Arabia’s main trading partner, with exports there amounting to nearly 20% of total exports.

However, the energy index (.TENI) eased 0.1%.

Brent crude futures dropped 9 cents, or 0.1%, to $70.96 a barrel by 0639 GMT, after a two-day rally on supply issues.

In Abu Dhabi, the index (.ADI) fell 0.2%, hit by a 0.3% drop in conglomerate International Holding Co (IHC) (IHC.AD) and a 0.7% decline in Alpha Dhabi Holding (ALPHADHABI.AD).

IHC, Abu Dhabi’s most valuable listed company, is considering acquisitions across several sectors totaling a few billion dollars, including a real estate developer in Abu Dhabi, its chief executive Syed Basar Shueb told Reuters.

Dubai’s main share index (.DFMGI) lost 0.4%, weighed down by a 1.2% fall in sharia-compliant lender Dubai Islamic Bank (DISB.DU) and blue-chip developer Emaar Properties (EMAR.DU).

The Qatari index (.QSI) lost 0.2%, on course to end a 10-day winning streak. Qatar Islamic Bank (QISB.QA) and Commercial Bank (COMB.QA) declined 0.7% and 1%, respectively.

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