(Reuters) – The Saudi stock market fell at the close on Thursday and recorded its third weekly loss in four weeks, tracking the decline in oil prices, while the performance of other Gulf stock exchanges was mixed. Oil prices fell to their lowest levels in six weeks before recovering some losses after China said it would move to draw from reserves after Reuters published a report that the United States was asking major consumers to consider a coordinated withdrawal of stocks to reduce prices.
The US attempt to calm markets, the first time the US has asked China to join a coordinated action, comes as angry political backlash begins due to inflationary pressures driven in part by higher energy prices.
The main Saudi index fell one percent, affected by a 1.8 percent drop in Al-Rajhi Bank (SE:1120) and a 1.7 percent drop in the Saudi Basic Industries Corporation (SABIC (SE:2010)).
In Abu Dhabi, the main index rose 0.1 percent, supported by a 2.4 percent rise in Alpha Abu Dhabi Holding, after its subsidiary Trojan General Contracting formed a joint venture to build the Guggenheim Abu Dhabi Museum. Separately, the United Arab Emirates signed 23 agreements with local and international companies worth about 22.5 billion dirhams ($6.1 billion) during the first four days of the Dubai Airshow, according to what the Ministry of Defense announced on its Twitter account on Thursday.
Dubai’s main index rose 0.1 percent, with Emaar Properties (DU:EMAR) rising 0.8 percent and Deyaar Developments 4.4 percent, posting gains for the sixth straight session. On Sunday, Deyaar reported a quarterly net profit of 8.2 million dirhams ($2.23 million), up from 4.5 million dirhams a year ago. The Dubai index recorded the sixth consecutive weekly gain.
In Qatar, the main index gave up its gains in early trading, to close down 0.1, affected by a 0.8 percent drop in Qatar Islamic Bank.
Outside the Gulf region, Egypt’s main index fell 1% at the close, with Commercial International Bank (CA:COMI) falling 1.9%.
Saudi Arabia: The index fell 1 percent to 11,710 points.
Abu Dhabi: The index rose 0.1 percent to 8,349 points.
DUBAI: The index rose 0.1 percent to 3,265 points.
Qatar: The index fell 0.1 percent to 11950 points.
Egypt.. The index fell 1 percent to 11,338 points.
Bahrain The index rose 0.2 percent to 1791 points.
Oman: The index rose 0.3 percent to 4,046 points.
Kuwait: The index increased 0.2 at 7,883 points.