Major Gulf stock markets began down on Thursday, along with Asian shares, as global investors battled to find their footing after a turbulent week.
Saudi Arabia’s benchmark index fell 0.5%, with aluminum product manufacturer Al Taiseer Group down 3.2% and ACWA Power Company down 1.3%.
The businesses said on Wednesday that Aramco will buy a 22.5% stake in their loss-making petrochemical joint venture Petro Rabigh from Japan’s Sumitomo Chemical for $702 million.
Petro Rabigh shares rose 5.5%.
Dubai’s main share index was down 0.1%, while toll operator Salik Co. fell 0.9%.
After reporting first-half net profit growth, blue-chip developer Emaar Properties rose 0.7%, limiting the index’s losses.
Weekly U.S. unemployment claims data anticipated later in the day could move the market after disappointing monthly payroll results on Friday fueled fears of an economic slump.
Many economists believe traders are overestimating 111 basis points of Fed funds rate decreases over the next three meetings.
Qatar Islamic Bank fell 0.9% and the Qatari benchmark fell 0.3%.
On Wednesday, technology companies experienced a decline as a result of investor concerns over weak 10-year Treasury auction demand.
Oil prices, a driver for Gulf financial markets, dipped in turbulent trade and looked ready to break a two-session streak of 3% gains due to Middle East tensions and supply uncertainties.
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