Thursday, May 23, 2024

The performance of the Gulf stock markets varied with the stability of oil prices


What are the most important markets that have recorded growth?

Dubai Stock Exchange, Muscat and Bahrain.

What are the most important stock markets that have registered a decline?

Saudi Stock Exchange, Qatar and Abu Dhabi Market.

Gulf stock markets rallied on Wednesday as fears over the stability of crude oil prices, particularly the corona virus and omigron, subsided.

The Saudi market index was down 1.05% at 10991.8 points, while shares of banks and petrochemicals fell 4.51 and 3.14%, respectively.

The Dubai Stock Exchange index was up 0.12% at 3196.9 points, while Bahrain Al Salam Bank was up 15% and Emirates NBD was up 2.23%.

The Abu Dhabi market index was down 0.33% at 8,954 points, while key losses “Etisalat” and “Dana Gas” fell 3.29 and 1.82%, respectively.

Qatar Stock Exchange index fell 0.14% to 11610.1 points, with major losses “Shares of Qatar Islamic Bank and petrochemical maker Mesaied” fell 1.27 and 1.09%, respectively.

The first index in the Kuwaiti market was stable at 7634.1 points, up slightly by 0.01%, and shares of Energy House gained 18.75%.

The Muscat Stock Exchange index was up 0.78% at 4011.9 points, with gainers gaining 4.65 and 2.13% respectively over “Sharkia Investment” and “Niswa Bank”.

The Bahraini index was up 0.3% at 1775.9 points, particularly supported by gains in bank stocks led by Al Baraka Banking and Al Ahly United by 10 and 0.53%, respectively.

It is noteworthy that crude prices moved below the 0.5% mark as US crude oil stocks eased expectations of data and fears about the corona virus “Omigron”.

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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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