SAUDI ARABIA was flat at 11,256
ABU DHABI fell 0.2% to 9,691
DUBAI was flat at 3,583
QATAR gained 0.4% to 10,716
EGYPT rose 2.4% to 17,643
BAHRAIN rose 0.7% to 1,914
OMAN down 0.8% to 4,681
KUWAIT declined 0.7% to 7,725
(Reporting by Ateeq Shariff in Bengaluru; editing by Barbara
Lewis)
By Ateeq Shariff
May 8 (Reuters) - Stock markets in the Gulf ended mixed
on Monday as traders fretted over global and local economic
developments and a string of weak corporate earnings weighed on
sentiment.
In Abu Dhabi, the index eased 0.2%, hit by a 2.4%
slide in Alpha Dhabi Holding .
The Abu Dhabi stock market came under pressure as traders
were still considering whether to lock in gains after April's
modest rebound, Fadi Reyad, Chief Market Analyst at CAPEX.com,
said.
"While limited catalysts left the market without clear
support, a strong rebound in oil prices could help limit losses
and even reverse the market's direction."
Oil prices - a catalyst for the Gulf's financial markets -
rose almost 3% on Monday as U.S. recession fears eased and some
traders took the view that a crude price slide was overdone
after three straight weekly declines for the first time since
November.
Saudi Arabia's benchmark index reversed early losses
to finish flat.
Dubai's main share index also ended flat.
In Qatar, the index added 0.4%, with Commercial Bank climbing 3.2%.
However, the index's gains were limited by a 0.8% fall in
petrochemical maker Industries Qatar after it reported
a sharp decline in quarterly net profit.
Elsewhere, Qatar Aluminum Manufacturing Company retreated 2.6% on weak first-quarter earnings.
Outside the Gulf, Egypt's blue-chip index rebounded
2.4%, ending five sessions of losses, as most of the stocks on
the index were in positive territory including Abu Qir
Fertilizers and Chemicals , which closed 9.4% higher.
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