Most Gulf stock exchanges fall as tensions escalate over Ukraine By Reuters

© Archyde.com. Traders during trading at the Abu Dhabi Stock Exchange in a photo from Archyde.com archive.

(Archyde.com) – Most Gulf stock exchanges closed lower on Sunday following Russia and Belarus extended military exercises to the north of Ukraine, dashing Western hopes that diplomatic efforts would resolve the crisis.

The Ministry of Defense of Belarus said in a statement that the decision to extend was taken due to the increase in military activity near the borders of Russia and Belarus and the escalation of the situation in the Donbass region in eastern Ukraine.

The stock market index fell 0.1 percent, with most of the listed stocks declining, including SABIC (SE:) for agricultural nutrients.

However, the decline in the index was limited by the rise of Al-Rajhi Bank (SE:), which closed at a gain of 5.9 percent following it announced the proposal of its board of directors to increase the capital to 40 billion Saudi riyals (10.66 billion) by issuing free shares.

Nahdi Medical Company, the market leader in operating pharmacies, announced on Sunday its intention to list its shares on the stock exchange by selling 30% of its shares in an initial public offering.

Qatar’s index fell 0.5 percent, with Qatar National Bank, the Gulf’s largest lender, shedding 1 percent.

And it varied, which is a major catalyst for the Gulf stock markets on Friday, as investors are considering the possibility of supply disruptions due to the Russian-Ukrainian crisis, in exchange for the possibility of increasing supplies by entering the Iranian oil market.

Outside the Gulf region, the main index of the Egyptian Stock Exchange fell 1.4 percent, with most shares declining.

(Prepared by Lubna Sabry for the Arabic Bulletin – Edited by Mounir Al-Bouti)

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