A day of declines across most of the Gulf

Most stock markets in the region closed on a slightly negative note on Thursday amid concerns about oil price declines and absence of local catalysts that would push the markets higher.

Brent crude prices had slumped $5.46 or 6.9 per cent on Wednesday after US President Donald Trump threatened new tariffs on China and Libya said it would resume oil exports.

Oil prices fell on Thursday, extending the previous session’s sharp losses as Libyan exports resumed, despite the International Energy Agency’s warning that the world’s oil supply cushion “might be stretched to the limit” due to production losses.

Brent crude oil fell 30 cents a barrel to $73.10 per barrel by mid-afternoon GMT, after earlier trading at a session low of $72.67. US crude fell 88 cents to $69.50 per barrel, after losing 5 per cent the previous session.

Early in the session, both benchmarks pushed briefly higher on Mr Trump’s comments that his administration would try to negotiate a fair trade deal with China.

The Saudi index lost 0.3 per cent to 8,362 points with 96 declining stocks out of 179 stocks traded.

National Commercial Bank, the kingdom’s largest lender by assets, fell 2.3 per cent. Property developer Jabal Omar lost 2.2 per cent, and petrochemical giant Sabic shed 0.5 per cent.

Contractor Al Khodari jumped 1.5 per cent after it said on Thursday that it renewed an existing, 231.4 million-riyal Islamic facilities agreement with Riyad Bank.

Samba Bank and Al Jazira Bank rose 0.9 per cent and 1.4 per cent respectively.

In Dubai, the index shed 0.3 per cent to 2,884 points on a 2.9 per cent drop by Dubai Investment Company.

Property developer Emaar rebounded from the previous session’s 2.2 per cent decline to close 0.8 per cent higher. Emirates NBD added 1 per cent.

Abu Dhabi’s index closed flat at 4,687 points. Aldar Properties fell 0.9 per cent; Dana Gas jumped 1.9 per cent.

In Egypt, the index lost 0.4 per cent to 15,901 points, hurt by a 1.9 per cent decline by Commercial International Bank and a 3.1 per cent drop by property developer Talaat Mostafa.

In Kuwait, the index fell 0.6 per cent to 5,334 points, while in Bahrain, the index closed flat at 1,343 points.