Gulf stock markets were mixed at the close today, Monday, with investors continuing to worry about oil price volatility and hopes for more economic stimulus in China, while Saudi Arabia and Dubai fell at the close. while the indices of Qatar and Abu Dhabi rose.

Oil Prices Fall

Crude oil prices fell – the main catalyst for financial markets in the Gulf – Brent oil fell 0.2% to $76.44 a barrel by 09:44 GMT.

Saudi Arabia and Dubai

The Saudi Arabian stock market index fell 0.8% due to losses across all sectors, as Al-Rajhi Bank shares fell 1.4% and Aramco shares shed 0.6%. Promotions Sulaiman Al-Habib Medical Services Group and Al-Mouwasat Medical Services Company also declined by 1.5% and 7%, respectively.

“Most of the GCC equity markets have been under pressure from energy (price) volatility and price corrections, which has impacted the outlook,” said Farah Murad, Senior Market Analyst, Middle East and North Africa, XTB. “Dealers are waiting for details on a stimulus package for the Chinese economy,” she added.

The Dubai Index recorded a two-week run of gains to close down 0.1%, with losses recorded in the utilities and financial services sectors as Emaar Properties fell 0.9% and the Electricity and Water Authority Dubai “DEWA” – by 1.1%.

Qatar and Abu Dhabi

The Qatari index rose 0.2%, offsetting losses recorded for two consecutive sessions, with the growth of most of the listed sectors. Shares of Ooredoo rose 4.9% and Qatar Navigation rose 1.8%.

And the Abu Dhabi index continued to rise for a second straight session, closing up 0.1%, as Abu Dhabi’s national energy company Taqa jumped 3.9% and Burjeel Group shares jumped 2.3%. Shares of First Abu Dhabi Bank, the UAE’s largest bank, rose 0.5%.

Egyptian Index Falls

Outside the Gulf region, the Egyptian blue-chip index fell 0.2%, breaking a four-session gain with financial and communications sectors falling. Shares in Commercial International Bank and Hermes Financial Group fell 1.1% and 2.1%, respectively, while Telecom Egypt shares fell 1.7%.