Most Gulf markets in red as China woes linger, oil falls
Business
Most Gulf markets in red as China woes linger, oil falls
(Reuters) - Most stock markets in the Gulf ended lower on Monday as traders considered a slowdown in China while falling oil prices added to the worries.
China's new bank loans tumbled in July and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy.
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, snapping three sessions of gains, with Dr Sulaiman Al-Habib Medical Sevices (4013.SE) losing 1.9%.
Elsewhere, Saudi Awwal Bank (1060.SE) retreated 2.4% as the lender traded ex-dividend.
The Saudi stock market saw some downside risks as traders moved to sell another time, said Ahmed Negm, Head of Market Research MENA at XS.com.
"While the latest price corrections have undermined the market's strength, the main index remained on a positive performance for the year."
Dubai's main share index (.DFMGI) eased 0.1%, weighed down by a 1.2% fall in blue-chip developer Emaar Properties (EMAR.DU).
The Abu Dhabi index (.FTFADGI) eased 0.3%, with the country's biggest lender First Abu Dhabi Bank (FAB.AD) losing 0.7%.
Oil prices - which fuels the Gulf's economy - slipped about 1% as concerns about China's faltering economic recovery and a stronger dollar, after seven weeks of gains driven by tightening supply from OPEC+ cuts.
In Qatar, the benchmark (.QSI) retreated 0.7%, hit by a 1.9% fall in petrochemical maker Industries Qatar (IQCD.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.2%, helped by a 1.3% rise in top lender Commercial International Bank (COMI.CA).
Egypt sold 626.4 million euros ($682.34 million) in one-year euro T-bills in an auction at an average yield of 4%, the central bank said on Monday.
