March 13 (Reuters) - Most major Gulf stock markets fell
on Monday, shrugging a slight gain in oil prices, as investors
were a little cautious amid fears of fallout following collapse
of Silicon Valley Bank (SVB), while Saudi Arabia's index edged
up.
Crude oil prices, a major driver for Gulf economies,
reversed a early losses to gain slightly, with Brent crude
futures up 25 cents, or 0.30%, to $83.03 per barrel by
0700 GMT.
In Abu Dhabi, the benchmark index fell 0.4%,
extending losses to a five consecutive session, with top lender
First Abu Dhabi Bank decreasing 0.6% and Telecoms firm e& , formerly known as Emirates Telecommunications,
shedding 1.2%.
Elsewhere, Shares of ADNOC Gas surged more
than 18% over its listing price in the Abu Dhabi market debut on
Tuesday.
State-backed oil giant Abu Dhabi National Oil Co (ADNOC) had
raised about $2.5 billion through a sale of roughly 5% of its
gas business in an IPO earlier this month.
Dubai's main share index also extended decline to a
five session in a row to open 0.7% lower.
The index was dragged down by losses in almost all sectors
with real estate and financial shares leading the losses.
Blue-chip developer Emaar Properties dropped 2.4%
while Emirates NBD Bank , Dubai's largest lender, lost
0.8%.
The benchmark stock index in Qatar eased 0.1% as
gains in financials stocks were offset by heavy losses in
material and energy stocks.
Qatar Islamic Bank was up 1.1% but Mesaieed
Petrochemical , and Qatar Gas Transport Nakilat fell 6.4%, its biggest intraday fall in nearly 15
months, as stock goes ex-dividend.
Meanwhile, Saudi Arabia's benchmark stock index rose
0.7%, lifted by financial and healthcare stocks, with Al Rajhi
Bank gaining nearly 1% and Dr Sulaiman Al-Habib
Medical Services adding over 1.6%.
State oil giant and index heavyweight Saudi Aramco was up 0.6%.
Aramco on Sunday reported a record annual net profit of
$161.1 billion for 2022, up 46% from the previous year on higher
energy prices, increased volumes sold and improved margins for
refined products.
(Reporting by Shamsuddin Mohd in Bengaluru; Editing by Varun H
K)
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