By Md Manzer Hussain
March 23 (Reuters) - Most stock markets in the Gulf fell
in early trade on Thursday, tracking crude prices lower after
U.S. Federal Reserve Chair Jerome Powell highlighted banking
sector credit risks for the world's largest economy.
Crude prices — a key catalyst for the Gulf's financial
markets — slid 0.7% on Thursday, with Brent crude down
to $76.16 at 0745 GMT.
Most Gulf central banks lifted their rates by a quarter
percentage point, mirroring the Fed rate hike as their
currencies are largely pegged to the dollar.
Dubai's benchmark stock index dropped 0.7% in early
trade, weighed down by losses in finance and industry sectors,
with Emaar Properties PJSC losing 1.2% and the largest
lender Emirates NBD Bank shedding 0.4%.
The low-cost flyer Air Arabia lost 6.7% in its steepest
intraday decline since Nov. 28, 2021 as it was trading
ex-dividend.
In Abu Dhabi, the benchmark stock index was down
0.5%, dragged by a 1.1% loss in Alpha Dhabi Holding and 1.1%
decline in First Abu Dhabi Bank, the largest lender in the
United Arab Emirates.
Shares of Abu Dhabi Aviation rose 1.9% after its board
recommended approving the offer from ADQ aviation.
Abu Dhabi sovereign wealth fund ADQ had made an offer in
October to take a controlling stake in the helicopter operator
and merge it with ADQ stakes in Etihad Engineering, AMMROC and
GAL to create a "globally competitive aviation business" with
about 9.4 billion dirhams ($2.56 billion) in assets.
Saudi Arabia's benchmark stock index was slightly up
0.1%, lifted by gains in healthcare and energy sectors with Dr.
Sulaiman Al-Habib Medical Services surging 3.6% and oil giant
Saudi Aramco rising 0.8%.
Shares in Saudi Airlines Catering jumped 4.3% after it
reported on Wednesday more than 18-fold jump in full-year net
profit, exceeding market expectations.
(Reporting by Md Manzer Hussain; Editing by Varun H K)
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