Mideast Stocks: Most Gulf markets were subdued on recession fears; oil rises

Mideast Stocks: Most Gulf markets were subdued on recession fears; oil rises

Most stock markets in the Gulf were subdued on Wednesday as recession fears capped risk appetite, although the losses were limited by gains in oil prices.

Dubai's main share index dropped 0.3%, ending a five-day winning streak, hit by a 1.7% fall in utility firm Dubai Electricity and Water Authority.

The Dubai bourse declined after a small rebound during the last few days as traders moved to secure their gains, said Abdelhadi Laabi, Chief Sales and Marketing Officer at Emporium Capital. "Overall, the main index continues to trade sideways mostly with some volatility."

Saudi Arabia's benchmark index ended flat. Oil prices - a key catalyst for the Gulf's financial markets - rose by more than 2% after data suggested a larger than expected draw in U.S. crude stockpiles, but gains were capped by growing concerns over demand in China and a snow storm that is expected to hit U.S. travel.

In Qatar, the equities, however, added 0.3%, helped by a 0.9% rise in Qatar National Bank. The country, among the world's top exporters of liquefied natural gas, approved its 2023 fiscal year budget on Monday with revenue estimated to increase 16.3% next year, its finance minister said, thanks to rising average oil prices.

The budget