Crude prices — a key catalyst for the Gulf's financial
markets — slid 1.1% on Monday with Brent crude down to
$72.16 at 1230 GMT.
Central banks' promises over the weekend to provide dollar
liquidity could not calm investors worried about instability in
the financial system.
The Qatari index slumped 1.3%, extending its losing
streak into a seventh session with almost all sectors ending in
red, led by financial and industrials.
The region's largest lender Qatar National Bank fell 2.4% and index heavyweight banks Qatar Islamic Bank and Commercial Bank shed 3.2% and 2.2%,
respectively.
In Abu Dhabi, the index declined 1.1%, dragged
down by a 3.2% slump in conglomerate International Holding
Company and a drop of 1.8% in Abu Dhabi National Energy .
Abu Dhabi Islamic Bank and Abu Dhabi Commercial
Bank lost 3.1% and 0.6%, respectively.
Dubai's benchmark index fell 0.2%, weighed down by
losses in utilities, industrial and financial sectors.
Real estate developer Emaar Development dropped 2.9% and cooling services provider Emirates Central
Cooling lost 1.9%.
"GCC stock markets came under pressure as concerns around
the western banking sector continue to increase and it could
strongly impact oil traders' expectations and push prices down,"
said Daniel Takieddine, CEO MENA at BDSwiss.
The benchmark index in Saudi Arabia ended 0.8%
higher, extending gains to a second session. The index recorded
a surge in almost all sectors with Al Rajhi Bank up
1.4% and Saudi National Bank rising 3.9%.
The Kingdom's largest lender by assets, SNB said on Monday
its growth strategy will be unaffected by the reduced valuation
on its investment in Credit Suisse following the Swiss bank's
takeover deal with UBS on Sunday.
Outside the Gulf, Egypt's blue-chip index rose
1.7%, snapping six session losses with all sectors in the
positive territory.
Commercial International Bank and E-Finance gained 1% and 6.1%, respectively.
Separately, Egypt is targeting a GDP growth rate of 5% in
its new fiscal year budget, a spokesperson for the Egyptian
presidency said on Sunday.
SAUDI ARABIA rose 0.6% to 10,218
KUWAIT lost 0.8% to 7,795
QATAR dropped 1.3% at 9,778
EGYPT rose 1.7% to 14,924
BAHRAIN lost 0.6% to 1,886
OMAN fell 0.2% to 4,860
ABU DHABI slid 1.1% to 9,545
DUBAI lost 0.2% at 3,344
(Reporting by Md Manzer Hussain; Editing by Shweta Agarwal)
Messaging: MdManzer.Hussain@thomsonreuters.com))