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Most Gulf markets in red

Agencies . Dubai
19 May 2023 00:00:00 | Update: 19 May 2023 22:54:54
Most Gulf markets in red

Most stock markets in the Gulf ended lower on Thursday amid concerns around the US government’s debt-ceiling negotiations, although the Saudi index bucked the trend to close higher.

Dubai’s main share index (.DFMGI) dropped 0.3%, with toll-operator Salik Company (SALIK.DU) losing 1.3%.

Saudi Arabia’s benchmark index (.TASI) rose 0.6%, extending gains from the previous session, with the country’s biggest lender Saudi National Bank (1180.SE) gaining 2.7%, reported Reuters.

The kingdom’s crude oil exports in March rose to 7.52 million barrels per day (bpd) from 7.455 million bpd in February, the International Energy Forum (IEF) said on Thursday, citing data from the Joint Organisations Data Initiative (JODI). In Abu Dhabi, the index (.FTFADGI) fell 0.2%.

Oil prices were broadly stable as traders warily watched for signs of progress on talks to raise the US debt ceiling, after surging in the previous session on optimism over US fuel demand.