Gulf stock markets showed mixed performance Sunday before the start of the Muslim Eid holidays next week and crude oil prices dropped Friday in the wake of disappointing Chinese trade data and a downgrade of crude demand growth by the International Energy Agency.
New York’s main contract, WTI light sweet crude for September delivery, fell below the $92 level before rebounding to close down 49 cents from Thursday at $92.87 a barrel.
In London, Brent North Sea crude for September slid 27 cents to $112.95.
Saudi Arabia’s stock benchmark Tadawul All Share Index gained 0.12 percent to close at 6,995.5 points, while Bahrain’s BB All Share Index was little changed.
Saudi stock market is closing for business from Aug. 18 through Aug. 22.
Kuwait’s measure lost 0.4 percent and Qatar’s QE Index fell 0.1 percent. Abu Dhabi’s gauge and Oman’s MSM 30 Index (MSM30) rose 0.2 percent.
Dubai shares lost the most in almost a week. The DFM General Index slipped 0.3 percent, the biggest drop since Aug. 6, to 1,568.38 at the close.
The index advanced 1.4 percent last week.
Meanwhile, Egypt’s EGX30 Index rose 0.2 percent. About 68 million shares traded in Dubai Sunday, compared with a 12-month daily average of 139 million.
TASI hit a fresh 11-week high, boosted by food stocks, but volumes slumped as investors wind down ahead of the upcoming Eid holiday.
The bourse rose 0.1 percent to its highest close since May 29.
The gain is fuelled by food-related companies, with the agriculture and food index rising 2.1 percent. Dairy firm Almarai climbed 2.4 percent and Savola Group jumped 2.9 percent. The conglomerate is at its highest level in at least two years.
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