2023-08-14 13:41:15
Gulf shares
Most of the major stock markets in the Gulf fell on Monday, tracking the impact of oil prices, and the Saudi index stopped a series of gains that lasted for three sessions.
Oil prices, a major catalyst for financial markets in the Gulf, fell by more than 1 percent in some trading periods, following fears of a slowdown in China’s economic recovery and the strength of the dollar pressed, in a direction that reversed the rises in oil prices during the past seven weeks on the back of reduced supplies from the Arab coalition. OPEC+.
The broader “MSCI” index of Asia-Pacific stocks outside Japan fell 1.7 percent, while real estate problems in China reinforced the need for serious stimulus measures, even as Beijing appears to ignore the calls.
The main index in the Saudi market fell 0.45 percent, ending a series of gains that lasted for three sessions, as the share of the Saudi First Bank fell 2.4 percent, with trading without the right to dividends.
Oil giant Saudi Aramco closed 0.14 percent higher, and mining industry leader Maaden fell 1 percent following a sharp drop in second-quarter profit.
The main index in the Dubai market fell 0.14 percent, with the Dubai Electricity and Water Authority (DEWA) falling 0.8 percent.
The Abu Dhabi market index fell by 0.32 percent.
Qatar’s main index fell 0.65 percent, with the largest Gulf bank, Qatar National Bank, down 1 percent.
Separately, the Qatar Central Bank said in a statement on Sunday that its international reserves and liquidity in foreign currencies amounted to 241.6 billion Qatari riyals ($66.32 billion) at the end of July.
Outside the Gulf region, the main index on the Egyptian Stock Exchange, EGX 30, rose 0.23 percent.
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