Mideast Stocks: Gulf bourses end mixed on recession worries

Mideast Stocks: Gulf bourses end mixed on recession worries

Stock markets in the Gulf ended mixed on Wednesday on growing concerns over inflation and the possibility of recession, while the Egyptian bourse rebounded a day after hitting its lowest in two years.

In Abu Dhabi, equities closed 0.4% lower, hit by a 1.6% fall in the United Arab Emirates' biggest lender First Abu Dhabi Bank. However, conglomerate International Holding Co (IHC) settled 0.4% higher, after rising about 6% at 305 dirhams ($83.05), fetching a valuation of over $150 billion.

On Tuesday, IHC's unit Alpha Dhabi Holding announced that it increased stake in Aldar Properties and became the single-largest shareholder. Shares of Alpha Dhabi advanced 2.1%, while Aldar eased 0.2%. IHC, whose assets include firms in the fast-growing healthcare and industrial sectors, is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates' national security adviser and a brother of the country's president Sheikh Mohammed bin Zayed.

Dubai's main share index lost 0.2%, with Emirates Integrated Telecommunications declining 2.1% and top lender Emirates NBD retreating 1.5%. The Dubai market remains exposed to new price corrections as global sentiment shifts while the slowdown could impact banks in the emirate, said Daniel Takieddine, CEO MENA BDSwiss.

The Qatari benchmark dropped 0.5%, weighed down by