finished Major stock markets in the Gulf regionToday, Wednesday, trading is down, amid fluctuations in oil prices and concerns regarding global economic growth.
In Dubai, the main index ended four sessions of gains, to close down 0.6%, affected by a 1.9% decline in Emirates NBD Bank shares, and Dubai Electricity and Water Authority shares closed down 2%.
The CEO of the Middle East and North Africa division at BD Suisse, Daniel Taqi El-Din, said that trading in the Dubai Stock Exchange was volatile in light of the continuing impact of fears of a global recession on the expectations of traders, according to Archyde.com.
“The market may see some price corrections if traders move to lock in their gains,” he added.
In Abu Dhabi, the main index fell 0.2%, following E & (formerly Etisalat) fell 0.6%.
The main index in Saudi Arabia fell 0.1%, affected by a 2.2% decline in Alinma Bank.
Oil prices, a major catalyst for financial markets in the Gulf, rose as factors pushing upwards such as declining US crude stocks and lack of supply in the market in general outweighed those pushing in the opposite direction, such as uncertainty regarding demand growth from China, lower gas prices and withdrawals from reserves. American.
In the previous session, Brent crude fell 1.7% and West Texas Intermediate 3.1%, to their lowest levels in two weeks, following reports of US President Joe Biden’s intention to withdraw more oil from the strategic reserve.
In Qatar, the main index declined 0.6%, affected by a 1.8% decline in Petrochemical Industries Qatar.
Analyst Taqi El-Din attributed the drop in the Qatari market to the decline in natural gas prices, and indicated that it may record more losses.
Outside the Gulf region, the main index in Egypt closed down 0.1%.
In Bahrain, the main index rose 0.1% to 1867 points, while the main index of the Muscat Stock Exchange fell 0.2% to 4,479 points.
The main index in Kuwait rose 0.8% to 7,994 points.
