© Reuters. A screen showing data from the Saudi Riyadh Stock Exchange – Photo from the Reuters archive.
by Atiq Sharif
Oct 19 (Reuters) – Major equity markets in the Gulf region closed lower on Wednesday amid volatility and concerns about global economic growth.
In Dubai, the leading index closed four sessions of high, to close 0.6 percent lower, impacted by a 1.9 percent decline in Emirates NBD Bank (DFM :). Shares of Dubai Electricity and Water Authority closed two percent lower.
Daniel Taqi El-Din, CEO of BD Suisse’s Middle East and North Africa division, said trading on the Dubai Stock Exchange was volatile in light of the continuing impact of fears of a global recession on traders’ expectations.
“The market could see some price corrections if traders move to lock in their gains,” he added.
In Abu Dhabi, the main index fell 0.2 percent after E& (formerly Etisalat) fell 0.6 percent.
The leading index fell 0.1 percent, impacted by Alinma Bank (TADAWUL 🙂 drop of 2.2 percent.
Oil prices, a major catalyst for Gulf financial markets, have risen as upward driving factors, such as falling US crude inventories and a lack of supply in the market at large, have outpaced those driving upwards. they push in the opposite direction, such as uncertainty about growth in demand from China, lower gas prices and withdrawals from American reserves.
In the previous session, Brent crude fell 1.7% and West Texas Intermediate 3.1%, to its lowest levels in two weeks, following news of US President Joe Biden’s intention to withdraw more. oil from the strategic reserve.
In Qatar, the leading index fell 0.6%, hit by a 1.8% decline in Qatar’s petrochemical industries.
Analyst Taqi El-Din attributed the Qatari market decline to falling natural gas prices and indicated that it could experience more losses.
Outside the Gulf region, the leading index closed down 0.1%.
Bahrain .. The main index rose 0.1% to 1867 points.
Sultanate of Oman .. The main index fell 0.2 percent to 4,479 points.
Kuwait: The main index rose 0.8% to 7,994 points.
(Prepared by Marwa Gharib for the Arabic Bulletin – Edited by Ali Khafaji)
