The Dubai index leads the losses of most of the Gulf stock exchanges, amid fears of a global recession

Most of the stock markets in the Gulf closed lower, and the Dubai index led the decline, affected by fears of a possible global recession.

The Dubai index fell 1.9 percent, affected by a decrease of 2.8 percent for real estate developer “Emaar” and 2.7 percent for Dubai Islamic Bank.

The Abu Dhabi index fell 0.2 percent, affected by a 0.4 percent drop in the share of the International Holding Company.

The Qatari index closed down 1.7 percent, with Industries Qatar down 3.9 percent.

The Saudi index compensated for early losses to close up 0.6 percent, ending losses over four sessions, with Al-Rajhi Bank rising 2 percent and Riyad Bank 2.8 percent.

But the share of the Advanced Petrochemical Company fell 3.6 percent following a sharp decline in its quarterly profits.

Outside the Gulf region, the Egyptian blue-chip index rose 0.2 percent, supported by gains of 0.6 percent for the share of Commercial International Bank.