Saudi Aramco and Emaar Properties Face Stock Declines

Stock markets in the Gulf region experienced a sluggish start as oil prices took a hit, sparking concerns about oversupply and weakening US demand. The price of Brent crude fell over 1% to $77.34 per barrel, impacting financial markets in the Gulf. OPEC+ recently extended oil output cuts until 2025, with some members gradually increasing production starting in October.

In Saudi Arabia, the benchmark stock index dropped by 0.7%, with Saudi National Bank and ACWA Power facing declines. Saudi Aramco also saw a decrease in early trading. Sweden's Seventh AP Fund blacklisted Aramco and other companies due to their involvement in oil extraction and coal production.

Dubai's stock index decreased by 0.3%, with Salik Company and Emaar Properties witnessing losses. Emaar announced plans to expand Dubai Mall with new luxury retail and dining options. Abu Dhabi's benchmark index slightly declined, with International Holding Company and Abu Dhabi Islamic Bank registering losses. However, Qatar's index recorded a 0.5% increase, supported by gains in Qatar National Bank and Industries Qatar.

The Gulf stock markets faced challenges due to the decline in oil prices, impacting various sectors. While some companies experienced losses, others managed to maintain stability or even see gains. Investors will continue to monitor oil market dynamics and economic trends to make informed decisions in the coming days.