Major Gulf stocks track oil prices Asian shares lower

Major Gulf stocks track oil prices Asian shares lower

Major Gulf stocks track oil prices Asian shares lower

Nov 3 (Reuters) – Major stock markets in the Gulf fell in early trade on Thursday, tracking oil prices and Asian shares lower, with the Saudi index on course to extend weekly loss es.Crude prices – a key catalyst for the Gulf’s financial markets – fell as a U.S. rate hike pushed up the dollar and increased fears of a recession that would crimp fuel demand, although losses were capped by concerns over tight supply .Saudi Arabia’s benchmark index (.TASI) fell 0.5%, and was on course to extend weekly loss . Riyad Bank (1010.SE) slid 0.7%, while ACWA Power (2082.SE) dropped about 3% as third-quarter earnings fell below market expectations .

Elsewhere, Saudi Telecom Co (7010.SE) retreated 1.1%, as the stock traded ex-dividend.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) shed 1.7%, after the U.S. Federal Reserve shifted the outlook on tightening from short and sharp to long and high, putting to rest any thought of a near-term pause.Most Gulf currencies are pegged to the dollar and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States.In Abu Dhabi, the index (.FTFADGI) lost 0.3%, weighed down by a 1.3% fall in Emirates Telecommunication Group (EAND.AD) and extending losses from the previous session when it reported a fall in quarterly revenue , although the profits increased.

On the other hand, fertilizer firm Fertiglobe (FERTIGLOBE.AD) jumped 3% following a sharp surge in quarterly earnings .

The Qatari index (.QSI) slipped 0.5%, dragged down by its banking shares, including Commercial Bank (COMB.QA), which was down 1.2%.

HSBC slashed target price of the lender to 7.1 Qatari riyal from 9 riyals and downgraded its rating to “hold” from “buy”.

Among other lenders, Qatar Islamic Bank (QISB.QA) fell 0.8%, after HSBC trimmed target price to 22 riyals from 21 riyals and lowering its rating to “reduce” from “hold”.

Reporting by Ateeq Shariff in Bengaluru; editing by Uttaresh.V

Major Gulf stocks track oil prices, Asian shares lower. Major stock markets in the Gulf fell in early trade on Thursday, tracking oil prices and Asian shares lower, with the Saudi index on course to extend weekly losses.

Crude prices – a key catalyst for the Gulf’s financial markets – fell as a U.S. rate hike pushed up the dollar and increased fears of a recession that would crimp fuel demand, although losses were capped by concerns over tight supply.

In Abu Dhabi, the index (.FTFADGI) lost 0.3%, weighed down by a 1.3% fall in Emirates Telecommunication Group (EAND.AD) and extending losses from the previous session when it reported a fall in quarterly revenue, although the profits increased.

On the other hand, fertilizer firm Fertiglobe (FERTIGLOBE.AD) jumped 3% following a sharp surge in quarterly earnings.