Most Gulf markets end lower

Most Gulf stock markets ended lower on Thursday, as oil prices declined after Federal Reserve Chair Jerome Powell highlighted banking sector credit risks for the world’s largest economy.

Crude prices — a key catalyst for the Gulf’s financial markets — slid 0.6 per cent on Thursday with Brent crude down to $76.21 at 1145 GMT. Dubai’s benchmark index (.DFMGI) fell 0.9 per cent.

The low-cost flyer Air Arabia (AIRA.DU) lost 7.1 per cent in its steepest intraday decline since Nov. 28, 2021 as it was trading ex-dividend.

The Qatari index (.QSI) edged up 0.3per cent, extending its three-session rally with finance and industry sectors witnessing gains.

The region’s largest lender, Qatar National Bank (QNBK.QA), added 0.7per cent and conglomerate Industries Qatar (IQCD.QA) gained 0.9per cent.