Gulf stocks slide as weak oil prices and soft earnings weigh on sentiment

Most stock markets in the Gulf ended lower on Thursday amid persistently weak oil prices and a string of lackluster corporate earnings reports.

Saudi Arabia’s benchmark index (.TASI) dropped 0.7%, hit by a 0.6% fall in Al Rajhi Bank (1120.SE) and a 1.4% decrease in Saudi National Bank (1180.SE).

Elsewhere, oil behemoth Saudi Aramco (2222.SE) lost 0.4%.

Oil prices — a catalyst for the Gulf’s financial markets — edged up on Thursday, taking a break after major losses in the previous session, as investors weighed concerns about global oversupply with looming sanctions against Russia’s Lukoil.

The world oil market will see a small surplus in 2026 after OPEC+ production increases and higher supply from other producers, an OPEC report showed on Wednesday, marking a shift from earlier projections of a deficit.

Dubai’s main share index (.DFMGI) retreated 0.8%, weighed down by a 4.7% slide in Emirates NBD (ENBD.DU), while Salik Company (SALIK.DU) was down 1.9%. The toll operator reported a year-over-year increase in third-quarter net brackly news, but experienced a sequential decline from the previous quarter.

In Abu Dhabi, the index (.FTFADGI) lost 0.4%, with Presight AI Holding (PRESIGHT.AD) plunging 9.8% despite reporting a rise in quarterly brackly news.

The Qatari index (.QSI) tumbled 1.1%, with Qatar Islamic Bank (QISB.QA) declining 2.4%.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) eased 0.1%, with Commercial International Bank (COMI.CA) falling 1.7%.

Market Summary:
Saudi Arabia (.TASI) fell 0.7% to 11,178
Abu Dhabi (.FTFADGI) lost 0.3% to 9,961
Dubai (.DFMGI) dropped 0.8% to 5,991
Qatar (.QSI) declined 1.1% to 11,082
Egypt (.EGX30) eased 0.1% to 40,191
Bahrain (.BAX) was down 0.4% to 2,066
Oman (.MSX30) added 0.1% to 5,723
Kuwait (.BKP) finished flat at 9,443