Oil prices, a crucial driver for the Gulf’s financial markets, dipped as investors reassessed the effectiveness of China’s stimulus plans to bolster economic growth and fuel demand in the world’s largest crude importer. Despite this downturn, the market found some respite from declining U.S. crude oil and fuel stockpiles, providing a sliver of support following a recent low on September 10—the lowest since 2021.
In Saudi Arabia, the benchmark index (.TASI) slipped by 0.2%, primarily weighed down by a 1.1% decline in Saudi Awwal Bank and a 0.8% decrease in Alinma Bank.
Qatar’s index (.QSI) also saw a minor drop of 0.1%, as Qatar Islamic Bank (QISB.QA) fell by 0.4% and telecom giant Ooredoo (ORDS.QA) experienced a 1% decline.
The Abu Dhabi index (.FTFADGI) mirrored this trend, dropping 0.2%. However, Dubai’s main share index (.DFMGI) bucked the overall trend with a modest gain of 0.3%, driven by a 2.8% rise in Parkin Company (PARKIN.DU) and a 0.7% increase in toll operator Salik (SALIK.DU).
