By Ateeq Shariff
Most stock markets in the Gulf ended lower on Monday amid weak oil prices, with the Saudi index falling for a sixth consecutive session.
Saudi Arabia's benchmark index TADAWUL:TASI dropped 0.3%, hit by a 0.8% fall in oil behemoth Saudi Aramco TADAWUL:2222 and a 0.3% decrease in Al Rajhi Bank TADAWUL:1120.
A Reuters poll on Friday showed that oil prices - a catalyst for the Gulf's financial markets - are unlikely to gain much traction from current levels this year, with rising output from top producers.
On Monday, oil prices rose by more than 1% due to concerns over escalated Russia-Ukraine airstrikes and a weaker U.S. dollar. However, the price range remains relatively subdued.
Even with a small rebound in oil prices, the Saudi market remains exposed to risks related to potential oil price declines, as looming oversupply and weaker demand prospects cloud the outlook for oil, said Joseph Dahrieh, Managing Principal at Tickmill.
Dubai's main share index DFM:DFMGI retreated 1.6%, dragged down by a 2.1% slide in blue-chip developer Emaar Properties DFM:EMAAR.
Dahrieh said the Dubai stock market may experience further corrections if no supportive developments emerge.
In Abu Dhabi, the index ADX:FADGI ended 0.8% lower.
The Qatari index QSE:GNRI fell 0.4%, with Qatar Islamic Bank QSE:QIBK losing 0.7%.
Outside the Gulf, Egypt's blue-chip index EGX:EGX30 was flat.
Egypt's real gross domestic product grew by 4.5% in the 2024-25 financial year, up from 2.4% the previous year, Finance Minister Ahmed Kouchouk said on Saturday, boosted by reforms tied to IMF financing and increased manufacturing activity.
SAUDI ARABIA
TADAWUL:TASI fell 0.3% to 10,671
Abu Dhabi
ADX:FADGI down 0.8% to 10,010
Dubai
DFM:DFMGI dropped 1.6% to 5,969
QATAR
QSE:GNRI declined 0.4% to 11,175
EGYPT
EGX:EGX30 was flat at 35,156
BAHRAIN
BAHRAIN:BHBX was up 0.3% to 1,935
OMAN
(.MSX30) gained 1.4% to 5,102
KUWAIT
(.BKP) added 0.2% to 9,101