2023-10-26 14:47:10
Most Gulf stock exchanges declined due to fears of the expansion of the war and interest rates
Most stock markets in the Gulf region closed lower today, Thursday, as morale continued to decline, in light of fears of the expansion of the war in the region and that US interest rates would remain high.
Israel said that its ground forces penetrated into Gaza last night to attack targets belonging to the Palestinian Islamic Resistance Movement (Hamas), and Prime Minister Benjamin Netanyahu also stated that Israel is “preparing for a ground invasion” that may be one of several into the Strip.
The Ministry of Health in the Hamas-controlled Gaza Strip said on Thursday that at least 7,028 Palestinians, including 2,913 children, had been killed in Israeli strikes since October 7.
The Saudi index fell 0.9%, with Ma’aden Company’s shares falling 3.5%. The Saudi index recorded a weekly decline of 2.3%.
Daniel Takieddine, CEO of the Middle East and North Africa region at BD Suisse, said that the Saudi Stock Exchange witnessed a volatile week as traders reacted to geopolitical developments, corporate earnings reports, and the volatility of oil prices.
He added, “The main index may face the risk of an additional correction in prices following their rise in the past few days.”
The Dubai index fell 1.5%, with the shares of Emirates NBD Bank, the largest bank in the Emirates, falling 3.3%.
The bank announced an increase in third-quarter net profits, but witnessed a decline in revenues.
The Abu Dhabi index lost 0.9%.
Long-term US Treasury bond yields increased, and the dollar rose to its highest level in a week following disappointing corporate results in the United States raised concerns regarding the strength of the world’s largest economy.
Outside the Gulf region, the Egyptian Stock Exchange ended trading today, Thursday, with a collective rise in indicators, driven by purchases from foreign traders, while Egyptian and Arab transactions tended to sell, amid trades amounting to 5.1 billion pounds. The market capitalization lost one billion pounds at the level of 1.589 trillion pounds.
The EGX 30 Index rose by 0.56%, the EGX 30 Weighted Index rose by 0.29%, and the EGX 30 Total Return Index jumped by 0.6%.
(Archyde.com, Al-Arabi Al-Jadeed)
1698332668
#Gulf #stock #exchanges #declined #due #fears #expansion #war #interest #rates
