June 6, 2023

Dubai Week

Complete Dubai News World

Most of the Gulf stock markets fell in late trade, and the Egyptian index rose, according to Reuters.

© Reuters. Dealers during trading at the Abu Dhabi Stock Exchange Photo from Reuters archive.

From Ateeq Sharif

(Reuters) – Most Gulf stock markets fell on Sunday, tracking global stock markets after a report showed U.S. consumer sentiment fell to a six-month low in May, adding to negative sentiment ahead of U.S. debt ceiling negotiations.

The Congressional Budget Office warned Friday that the U.S. is “highly likely” to default on its obligations by the first two weeks of June unless the government’s debt ceiling is raised by $31.4 trillion. May..

U.S. consumer sentiment hit its lowest level in May amid fears that a political dispute over raising the borrowing limit could lead to a recession, according to a University of Michigan survey.

It was down 0.4 percent, Dr. Shares in Sulaiman Al Habib Medical Services Group fell 1 percent, while Riyadh Bank (Tadaul: ) shed 1.3 percent.

Qatar’s index fell 0.7 percent, while Masraf Al Rayyan shed 0.7 percent.

Oil prices, a key driver of financial markets in the Gulf, fell more than 1 percent in Friday’s trade, falling for a third straight week, as the market balanced concerns over renewed economic concerns in the United States and China.

Outside the Gulf region, the blue-chip index rose 0.6 percent, while shares of Commercial International Bank ( EGX: ) rose 0.7 percent.

The Egyptian Finance Ministry said in a statement on Sunday that the government had sold a 9.5 percent stake in Telecom Egypt (EGX): it holds a controlling stake for 3.75 billion ($121.56 million). Stalled.

Telecom Egypt rose 3 percent.

(= 30.8500 Egyptian pounds)

(Prepared by Mahmoud Abdel-Kawad for Arabian Bulletin – Editing by Ali Khafaji)

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