In Abu Dhabi, the benchmark stock index dropped 1.1%, dragged down by a 2.9% loss in Alpha Dhabi and 1.9% fall in Al Dar Properties, while the largest lender by assets, First Abu Dhabi Bank slid 2.1%. However, ADNOC Drilling jumped 2.1% after it reported a rise of 33% in 2022 net profit, with revenue boosted by its onshore and oilfield services businesses. The Qatari Stock index fell 0.2%, weighed down by losses in industry and energy sectors with Industries Qatar losing 2.9% and Qatar Fuel shedding 1.5%. Saudi Arabia's benchmark stock index opened on positive note trading 0.6% higher. The index supported by gains in most sectors with Dr. Sulaiman Al-Habib Medical jumping 2.8% and oil major Aramco rising 0.8% Riyad Bank and Saudi Arabian Mining surged 4.1% and 2.8% after the both reported a 17% and 78.3% jump in full year profit respectively. Dubai's benchmark stock index inched up 0.1%, helped by gains in financials and real estate sectors, with Dubai Islamic Bank gaining 0.5% and low cost flyer Air Arabia rising 1.7%. United Arab Emirates- based cooling service provider Emirates Central Cooling Systems rose 0.7% in early trade after it reported about 7% increase in full year profit. (Reporting by Md Manzer Hussain; Editing by Rashmi Aich)
By Md Manzer Hussain
Feb 13 (Reuters) - Most Gulf stock markets fell in early
trade on Monday, in tandem with weaker oil prices and Asian
peers as investors were cautious ahead release of crucial U.S.
inflation data.
Oil, which fuels the region's growth, declined around 1%
with Brent crude was down $85.66 a barrel by 0743 GMT.
The U.S. Federal Reserve has been raising interest rates to
rein in inflation, leading to concerns that the move would slow
economic activity and demand for oil.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.