Stock markets in the Gulf ended mixed on Thursday amid falling oil prices and weaker-than-expected U.S. GDP data. The U.S. economy contracted in the first quarter, largely because of a surge in imports as businesses sought to avoid expected tariffs. Risks are high that U.S. President Donald Trump’s tariff policies could push the global economy into a recession this year, a Reuters poll found on Monday.
Saudi Arabia’s benchmark index declined 1.1%, weighed down by a 0.9% fall in Al Rajhi Bank and a 2.2% slide in the country’s biggest lender Saudi National Bank . Oil giant Saudi Aramco also fell 0.6%.
Oil prices — a catalyst for the Gulf’s financial markets — fell, extending a steep decline the previous session due to signs that Saudi Arabia, the world’s largest crude exporter, could raise production and data showing a contraction in the U.S. economy, the world’s top oil consumer. Meanwhile, Saudi Arabia’s economy grew in the first quarter, supported by activity in the non-oil sector as the kingdom pushes on with diversifying away from hydrocarbons.
Dubai’s main share index declined 0.7%; Commercial Bank of Dubai fell 8.9%, snapping a four-day winning streak. In Abu Dhabi, the index edged 0.2% higher, helped by a 0.4% rise in conglomerate International Holding.
The Qatari benchmark eased 0.1%, with petrochemical maker Industries Qatar retreating 2.9%.
Outside the Gulf, Egypt’s blue-chip index rose 0.3%, with Commercial International Bank gaining 1.3%.
- SAUDI ARABIA lost 1.1% to 11,544
- Abu Dhabi up 0.2% to 9,556
- Dubai fell 0.7% to 5,273
- QATAR eased 0.1% to 10,448
- EGYPT up 0.3% to 32,126
- OMAN added 0.3% to 4,330
- KUWAIT rose 0.1% to 8,562
(Reporting by Ateeq Shariff in Bengaluru; Editing by Sahal Muhammed)
