Most of the stock market indices in the Gulf are declining for fear of the economic slowdown

Gulf stock exchanges ended most of the trading in decline, as the central banks’ approach to sharply raising interest rates to curb inflation fueled fears of slowing economic growth.

• The Saudi index lost nearly 12% this quarter, in the worst performance since the Corona pandemic

Most of the Gulf stock exchanges ended trading today, Thursday, with a decline, as the central banks’ approach to sharply raising interest rates to curb inflation fueled fears of slowing economic growth.

The Saudi index gave up early gains to close with a decline of 1.7%, with Al-Rajhi Bank falling 2.6%, and the National Bank of Saudi Arabia falling 3.5%.

The Saudi index lost nearly 12%, in the current quarter, in the worst performance since the pandemic. The Dubai index also fell 0.7%, recording a quarterly loss of more than 80%, with the Emirates NBD Bank share falling 1.5%.

“The Dubai market witnessed volatility and remained under pressure following a limited recovery,” said Farah Murad, a financial analyst at “XTP” (a global company for trading currencies, gold, oil and stocks).

And she continued, “The market may return to a new price correction, with concerns related to global economic conditions continuing to affect investor sentiment.”

In Abu Dhabi, the index fell 0.4%, under pressure from a 0.7% drop in the shares of the International Holding Company, a day following the group touched, for a short period, a record valuation that exceeded 150 billion dollars.

And what limited the losses, the stock of First Abu Dhabi Bank increased by 1%, following HSBC (a British multinational investment bank and financial services holding company) increased its valuation of the bank.

The Abu Dhabi index recorded a quarterly loss of 5.8%, the first quarterly decline, since March of last year. The Qatari index fell 0.4%, with Qatar National Bank declining 0.7%, and the index recorded quarterly losses of nearly 10%.