Home StocksArab Major Gulf stocks fall, mirroring oil prices, global equities

Major Gulf stocks fall, mirroring oil prices, global equities

by Amwal Al Ghad English
Gulf stock markets

All major Gulf markets fell on Monday, in line with oil and global stocks as growing fears of a second wave of coronavirus infections revived economic worries.

Brent crude futures were $1.02, or 2.6% lower, at$37.71 a barrel by 0750 GMT, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks could weigh on the recovery of fuel demand.

A cluster of COVID-19 infections in Beijing has increased concerns about a resurgence of the disease in China.

Saudi Arabia’s benchmark index eased 0.4%, with National Commercial Bank, the kingdom’s largest lender, dropping 1.4% and Al Rajhi Bank down 0.3%. State-owned Saudi Aramco was down 0.2%.

On Sunday, the oil giant bought 2.1 billion shares of Saudi Basic Industries (SABIC) on the stock market, completing a deal to buy 70% of the petrochemical giant, according to sources and market data.

SABIC traded 0.3% lower.

The benchmark index in Dubai, the United Arab Emirates’ business and tourism hub, was 1.2% lower, weighed down by a 1.8% fall in Emaar Properties and a 1.6% drop in Dubai Islamic Bank.

The Abu Dhabi index slipped 0.5%, with top lender First Abu Dhabi Bank easing 1.8%.

The Qatari index lost 0.7%, with Qatar Islamic Bank shedding 1.8% and petrochemical firm Industries Qatar down 1.2%.

The Gulf state will begin lifting coronavirus lockdown restrictions under a four-phase plan starting on June 15, when some mosques can reopen and flights can depart, government spokeswoman Lulwa Rashed al-Khater said last week.

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