Wednesday, February 28, 2024

Most of the Gulf stock markets fell amid concerns over economic growth


Continued Most Gulf Stock Exchanges It lost ground on Monday as investors continue to worry that austerity will lead to a global recession.

The Dubai Stock Exchange benchmark index fell 1.6 percent, with most of the listed stocks down 2.6 percent, including Emaar Properties.

Abu Dhabi Stock Exchange key index fell 1.1%, while shares of First Abu Dhabi Bank, the country’s largest bank, fell 1%.

The United Arab Emirates’ central bank announced last week that it would raise the base rate by 75 basis points to 3%, in line with the largest increase since 1994 by the US Federal Reserve and the Saudi central bank and the central bank.

The UAE dirham, like most Gulf currencies, is linked to the dollar.

Qatar index fell 0.4%, while Masraf Al Rayan shares fell 4.5%.

One day after recording the biggest daily decline in nearly seven months, the Saudi index rose 0.6%, boosting the general trend.

Al-Raji Bank rose 1.1% and Sahara International Petrochemicals 4.2%.

Oil prices, which are a major stimulus to Gulf financial markets, have stabilized as supply shortages offset the impact of fears of a slowdown in global economic growth.

Outside the Gulf region, the Egyptian blue-chip index fell for the seventh consecutive session, falling 0.5%.

Wael Makarem, Excend’s market strategist, said local and regional investors buy after the stock has fallen, but see selling pressure from international investors to reduce market risks.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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