Posted in: 10/16/2022 – 17:38
Most of the Gulf stock markets closed lower on Sunday, October 16, 2022, after oil and stock prices fell on Wall Street on Friday, while the Egyptian index outperformed after the International Monetary Fund said that “the main political issues” were resolved with Paese.
The Saudi index fell 0.1%, hit by a 1.1% drop in oil giant Saudi Aramco.
Crude oil prices, a major driver of Gulf financial markets, fell more than 3% on Friday as fears of a global recession and weak demand for oil, especially in China, outstripped the support of the massive cut-off target. of production announced by the OPEC + group.
China, the world’s largest importer of crude oil, is battling the COVID-19 outbreak after a week’s vacation. The number of injuries in the country is low by international standards, but the Asian country still adheres to its policy of no injuries, which casts a shadow on economic activity and demand for oil.
Outside the Gulf region, the Egyptian blue chip index was up 2%, with most of the index’s shares up, including Commercial International Bank, which was up 3.5%.
International Monetary Fund chief executive Kristalina Georgieva said on Friday that fund officials have resolved all major political issues with Egyptian authorities in discussions on a new lending program.
Egypt is seeking a new loan package at the International Monetary Fund and World Bank annual meetings in Washington this week, hoping to stem a currency crisis that has limited imports and relieved market anxiety over foreign debt repayment. .
In Qatar, the index fell 0.7%, extending the losses from the previous session.
