Stock exchanges in Middle East were mixed yesterday, as growth concerns weighed on investor sentiment ahead of a week packed with numerous central bank meetings.
On Thursday, Bank of England is tipped to hike rates for the 15th time and take benchmark borrowing costs to 5.5 per cent, while Sweden’s Riksbank is seen hiking by 25 basis points to 4pc.
China property woes, geopolitical tensions and ongoing strikes also stoked worries about global growth.
In Abu Dhabi, the benchmark stock index slid 0.6pc, snapping a seven-session win streak, weighed down by a 1.3pc decline each in conglomerate International Holding Company and its subsidiary Multiply Group.
Saudi Arabia’s benchmark stock index shed 0.6pc, closing near its three-month low as a majority of the stocks were trading in red territory.
Losses in the index were due to financial and healthcare sector stocks with index heavyweight Al Rajhi Bank and Dr Sulaiman Al Habib Medical Services Group losing 1.4pc and 2.6pc, respectively.
Saudi Arabia’s crude oil exports in July fell to 6.012 million barrels per day from 6.804 million bpd in June, official data showed yesterday.
Meanwhile, the Qatari index gained 0.2pc, led by a 3.5pc jump in Qatar Navigation and 4.8pc increase in Mesaieed Petrochemical Holding.
Oil price jumped 0.9pc to $94.78 a barrel over tighter supply outlook for the rest of the year.
Gains in industrial stocks helped Dubai main index close 0.1pc higher, with Air Arabia increasing 3.3pc and Gulf Navigation Holding adding 3.7pc.
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