Gulf markets mixed as Qatar ends 7-day losing streak

Nov 23 (Reuters) – Most stock markets in the Gulf ended mixed on Wednesday amid volatile oil prices, with the Qatari index snapping a seven-session losing streak.

Crude prices, a key catalyst for the Gulf’s financial markets, reversed course to fall by more than $2 a barrel as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading.

The G7 is looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union diplomat said.

Qatari stocks (.QSI) gained 0.6%, led by a 4.1% jump in Commercial Bank (COMB.QA) and a 2.6% rise in Islamic lender Masraf Al Rayan (MARK.QA).

In Abu Dhabi, the index (.FTFADGI) advanced 1.3%, buoyed by a 1.7% rise in conglomerate International Holding (IHC.AD).

The Abu Dhabi market rebounded after a week of price corrections, which could help the market maintain a strong uptrend, Wael Makarem, senior market strategist at Exness, said.

Dubai’s main share index (.DFMGI) eased 0.1%, hit by a 1% fall in real estate developer Emaar Properties (EMAR.DU).

Outside the Gulf, Egypt’s blue-chip index (.EGX30) fell 0.2%, weighed down by a 2.5% slide in top lender Commercial International Bank (COMI.CA).

Nomura has warned that seven countries – Egypt, Romania, Sri Lanka, Turkey, Czech Republic, Pakistan and Hungary – are now at a high risk of currency crises.

The Saudi stock exchange was closed on Wednesday after Saudi Arabia declared a public holiday as the country’s soccer team beat Argentina in the World Cup.

Reporting by Ateeq Shariff in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

Read More: Gulf markets mixed as Qatar ends 7-day losing streak

2022-11-23 05:51:00

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