MIDEAST STOCKS Weak oil prices are putting pressure on most Gulf stock markets; Saudi Arabia on IMF forecast
Oct. 13 (Reuters) – Most Gulf stock markets fell early Wednesday, weighed on by falling oil prices, but the Saudi index rose after the International Monetary Fund raised its forecast.
Crude prices have fallen amid fears that growth in oil demand may fall as major economies suffer from inflation and supply chain problems, though soaring production fuel prices electricity, such as coal and natural gas, limited losses.
Saudi Arabia’s benchmark index (.TASI) rose 0.2%, with petrochemical maker Saudi Basic Industries (2010.SE) gaining 0.8% and Yanbu National Petrochemical Company (2290.SE) increasing by 3.8%.
On Tuesday, the International Monetary Fund (IMF) raised Saudi Arabia’s economic growth forecast to 2.8% this year, from a previous forecast of 2.4%.
Saudi Arabia’s finance ministry said last month it expected 2.6% growth this year, followed by 7.5% expansion in 2022. read more
Dubai’s main stock index (.DFMGI) fell 0.2%, hit by Emirates NBD Bank (ENBD.DU) and diversified investment group Dubai Investments (DINV.DU), which fell by 0.4 respectively. % and 1.2%.
Real estate prices in Dubai have rebounded sharply from a record low in late 2020, but demand is uneven and an oversupply of residential properties will put pressure on prices in the long run, making the recovery fragile, S&P Global Ratings said . Read more
Among the other percentage losers, leading developer Emaar Properties (EMAR.DU) lost 0.3%.
On Wednesday, the chairman of Dubai ports giant DP World said there was no end to the shortage of shipping containers, port congestion and skyrocketing freight rates that have shook up world trade. Read more
In Abu Dhabi, the index (.ADI) edged down 0.1%, Alpha Dhabi Holding (ALPHADHABI.AD) losing 0.4% and energy company Dana Gas (DANA.AD) falling 1.9% .
The Qatari benchmark (.QSI) fell 0.1%, with Qatar International Islamic Bank (QIIB.QA) down 0.5%.
Reporting by Ateeq Shariff in Bangalore; Editing by Amy Caren Daniel
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