The Saudi market index recorded a decline in the first session of the week, Sunday, following US economic data reinforced fears that the US Federal Reserve will move to tighten monetary policy further to curb inflation.
Oil, a major catalyst for financial markets in the Gulf, fell in Friday’s trading session at a settlement of $2 a barrel, to end last week on a clear decline, in light of investors’ concern that the upcoming hikes in interest rates in the United States will reduce energy demand.
stock movements
The main index in the Saudi market declined by 0.5 percent, pressured by a decline of 2.1 percent in the share of Retal for Urban Development and a decline of 0.9 percent in Al-Rajhi Bank.
The Bahrain General Index ended the day’s trading with a rise of 1.77 points, to reach the level of 1,937.47 points.
Outside the Gulf region, the leading index on the Egyptian Stock Exchange declined by 0.9 percent, with most of the shares listed on it declining, including Fawry for Banking Technology and Electronic Payments, which fell by 3.1 percent.
Egyptian International Pharmaceutical Industries, which is not included in the index, fell by more than 5 percent following shareholders decided to postpone a process to raise capital through the right of subscription for old shareholders.
The Jordanian Stock Exchange closed the day down by 0.82 percent, to reach the level of 2648.89 points.