Most Gulf markets in red on heightened regional tensions
By Ateeq Shariff
Oct 23 (Reuters) -Most stock markets in the Gulf ended lower on Wednesday as geopolitical tensions in the region depressed sentiment, while corporate earnings failed to lift investor mood.
Saudi Arabia's benchmark index .TASI dropped 0.5%, weighed down by a 1.4% slide in aluminium products manufacturer Al Taiseer Group 4143.SE and a 0.9% decrease in Al Rajhi Bank 1120.SE.
The International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2024 to 1.5% and estimated growth to accelerate to 4.6% next year in its latest World Economic Outlook Report released on Tuesday.
Gulf stock markets were predominantly in negative territory, as geopolitical tensions in Middle East continued to weigh heavily on market sentiment, said Hani Abuagla, Senior Market Analyst at XTB MENA.
"Additionally, a potential decline in oil prices could also affect the market."
Elsewhere, oil giant Saudi Aramco 2222.SE eased 0.2%.
Oil prices - a catalyst for the Gulf's financial markets - fell after industry data showed U.S. crude inventories swelled more than expected, though futures were still up about 2% this week as traders factored in continuing conflict in the Middle East.
Dubai's main share index .DFMGI gave up early gains to close 0.1% lower, with blue-chip developer Emaar Properties EMAR.DU losing 1.8%.
In Abu Dhabi, the index .FTFADGI declined 0.5%, hit by a 2.1% slide in the country's biggest lender First Abu Dhabi Bank FAB.AD.
However, Abu Dhabi Commercial Bank ADCB.AD concluded flat despite reporting a sharp rise in third-quarter profit.
The Qatari index .QSI declined 1.5%, as most of its constituents were in negative territory including the Gulf's biggets lender Qatar National Bank QNBK.QA, which retreated 2.8%.
Shifting expectations around how fast and deep the Federal Reserve will cut rates have also hurt risk sentiment, with traders now anticipating the U.S. central bank to be measured in its easing.
Monetary policy in the Gulf Cooperation Council, which includes the UAE, often aligns with the Fed's decisions as most of the regional currencies are pegged to the U.S. dollar.
Outside the Gulf, Egypt's blue-chip index .EGX30 was flat.
SAUDI ARABIA | .TASI fell 0.5% to 11,902 |
ABU DHABI | .FTFADGI lost 0.5% to 9,205 |
DUBAI | .DFMGI eased 0.1% to 4,464 |
QATAR | .QSI declined 1.5% to 10,415 |
EGYPT | .EGX30 was flat at 30,414 |
BAHRAIN | .BAX finished flat 1,990 |
OMAN | .MSX30 gained 0.2% to 4,806 |
KUWAIT | .BKP dropped 0.5% to 7,479 |
Reporting by Ateeq Shariff in Bengaluru; Editing by Toby Chopra
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