© Archyde.com. A screen displaying stock prices at the Saudi Stock Exchange in Riyadh – Photo from Archyde.com archive.
From Shakil Ahmed
(Archyde.com) – Most Gulf markets fell on Thursday, with the stock market falling following the global slowdown fueled concerns regarding oil demand, sending its prices to multi-month lows.
The main index in Saudi Arabia fell 0.3 percent, incurring losses for the fourth consecutive session, following energy and financial shares came under pressure from selling operations.
The Saudi National Bank lost 1.9 percent, and the oil giant Saudi Aramco (TADAWUL:) fell one percent.
Dubai’s main index fell 0.7 percent, on track to post losses for the second week in a row. Financial sector stocks led most of the other sectors to decline.
The emirate, the region’s trade and tourism hub, is facing headwinds from slower-than-expected growth in property prices this year and next.
The escalating inflationary pressures, along with high interest rates, are preventing foreigners, in particular, from buying real estate in the emirate, which it considers a major sector.
It rose 0.7 percent following recent waves of selling increased the market’s attractiveness to investors looking to buy in periods of weakness.
“The Abu Dhabi stock market rebounded following accumulating losses for regarding a month,” said Ahmed Ayoub of Traders Hub. “Here, traders can push the market up somewhat following this price correction stage.”
And two consecutive sessions of achieving gains put the index on the path of achieving a weekly recovery following it remained in the red for three consecutive weeks.
The blue-chip index in the Egyptian Stock Exchange rose 0.3 percent, with most sectors stabilizing in the positive region on the back of inflows of foreign capital. However, rising consumer prices, which jumped 15 percent last month, limited the index’s gains.
The Egyptian Stock Exchange is witnessing a somewhat recovery thanks to the influx of international investors. Ayoub indicated that the market is still under pressure, with inflation continuing to rise.
(Prepared by Ahmed El-Sayed for the Arab Bulletin – Edited by Ali Khafagy)
