Mideast Stocks: Gulf stocks slide on weaker oil and PMI data

Mideast Stocks: Gulf stocks slide on weaker oil and PMI data

Major Gulf stock markets ended the New Year rally on Wednesday, with Saudi Arabia falling the most as worries about a global economic downturn and weaker oil prices sapped risk appetite.

Growth in the non-oil private sector in the United Arab Emirates slowed in December. The seasonally adjusted S&P Global UAE Purchasing Managers' Index fell to 54.2 in December from 54.4 in November, while the seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index fell to 56.9 in December from 58.5 in November.

Oil price, which fuels the region's growth, fell sharply on Wednesday after slumping in the previous session. Daniel Takieddine, CEO MENA at BDSwiss, said weaker demand for oil could be the centre of attention as China struggles with COVID restrictions while manufacturing activities in the United States and China continue to decline at a steady pace.

Saudi Arabia's benchmark stock index fell 1.2% to end a three-day rally, with Retal Urban Development Company shedding 1.9% and Al Rajhi Bank declining 1.4%. State oil giant Saudi Aramco was down 1.6%. Aramco may cut the official selling price for the medium sour grade by about $1.50 a barrel in February, dragging the February Arab Light price to a level last seen in