Oil prices, a major catalyst for financial markets in the Gulf, fell on Tuesday, as a stronger dollar exacerbated fears of a decline in fuel demand if major central banks continue to raise interest rates for a longer period.
Brent crude futures fell $1.16, or 1.24 percent, to $92.13 per barrel by 0844 GMT.
The Dubai index fell 0.7 percent, affected by losses in almost all sectors, led by shares of real estate companies and banks.
Emaar Properties shares fell 2.4 percent, while Dubai Islamic Bank and Emirates NBD, the emirate’s largest banks, fell 1.5 percent and 1.1 percent, respectively.
The Abu Dhabi index fell 0.2 percent, affected by the decline in the shares of the International Holding Company by 0.3 percent and the shares of Alpha Dhabi Holding by 1.4 percent.
The Saudi index rose 0.4 percent, after reaping losses for three consecutive sessions, with Al Rajhi Bank shares rising 1.4 percent and the giant oil company Saudi Aramco rising 0.9 percent.
The Qatari index rose 0.6 percent after two consecutive sessions of decline, supported by strong gains in financial stocks.
Shares of Qatar National Bank, the largest Gulf bank, and Qatar Islamic Bank rose 2.4 percent and 1.8 percent, respectively.
Outside the Gulf region, Egypt’s leading stock index rose 0.2 percent, continuing its gains for the third session in a row, supported by the rise of Egypt’s fertilizer production stock by 6.4 percent and the Commercial International Bank stock by 0.7 percent.
#performance #Gulf #stock #exchanges #varied #interest #concerns #decline #oil