MIDEAST STOCKS Most major Gulf stock markets fall; oil drives up Saudi stocks

Aug 25 (Reuters) – Most of the major Gulf stock markets ended lower on Wednesday, after weak economic data from Germany, Europe’s largest economy.

In Abu Dhabi, the index (.ADI) fell 0.2%, weighed down by a 0.5% drop in Emirates Telecommunications Group (ETISALAT.AD) and a 1% drop in Alpha Dhabi Holdings ( ALPHADHABI.AD).

“Investor sentiment remains cautious and open to doubt about the (global) economy,” said Wael Makarem, senior market strategist at Exness.

“They have responded to the downtrend in the German stock market and the downward movement in US S&P futures as US markets are expected to open into negative territory.”

German business morale plummeted for the second month in a row in August, with businesses having a grimmer view of the months ahead in Europe’s largest economy due to the growing number of COVID-19 cases and bottlenecks. strangulation, an investigation revealed Wednesday. Read more

Abu Dhabi’s top listed company, International Holding (IHC.AD), is seeking investment opportunities in Turkey in sectors such as healthcare, industry and food processing, CEO Syed Basar said. Shueb. Read more

The shares of the conglomerate ended flat.

Dubai’s main stock index (.DFMGI) fell 0.1%, hit by a 1% drop from leading developer Emaar Properties (EMAR.DU).

After the formidable rally in global equities, investors are trying to anticipate the next move and reduce their exposure ahead of the Federal Reserve’s annual economic symposium in Jackson Hole on Friday, Makarem added.

Saudi Arabia’s benchmark index (.TASI) rose 0.2%, supported by rising oil prices and improving sanitary conditions.

Riyad Bank (1010.SE) gained 2.8% and Banque Saudi Fransi (1050.SE) closed up 3.8%.

Brent crude rose 14 cents, or 0.2%, to $ 71.19 a barrel at 10:28 a.m. GMT.

In Qatar, the index (.QSI) fell 0.3%, ending a 10-day streak of consecutive wins, with Commercial Bank (COMB.QA) and Qatar Islamic Bank (QISB.QA) losing respectively 1.2% and 0.6%.

Outside the Gulf, the Egyptian blue chip index (.EGX30) gained 1%, with most stocks in positive territory, including Commercial International Bank (COMI.CA), up 1.1%.

Reporting by Ateeq Shariff in Bangalore; Editing by Amy Caren Daniel

Our standards: Thomson Reuters Trust Principles.

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