Most stock markets in the Gulf closed lower on Wednesday after weak economic expectations for the region, and the index in Dubai ended a streak of gains that lasted for eight straight sessions.
The decline came despite an improvement in forecasts for Bahrain’s growth rate to 3 percent from 2.7 percent in a Reuters poll of economists.
According to the survey, average growth in the economies of the six Gulf Cooperation Council countries is expected to reach 1.5 percent this year.
stock movements
The Saudi market index fell by 0.1 percent, affected by the decline in the shares of Riyad Bank by 1.1 percent and the shares of Banque Saudi Fransi by 1.9 percent.
The Dubai Financial Market index, which was trading at an eight-year high, fell 0.9 percent.
Leading Emaar Properties fell 1.6 percent, while Emirates Central Cooling Systems Corporation fell 2.1 percent.
In Abu Dhabi, the index fell by 0.3 percent.
Brent crude exceeded $80 a barrel today, Wednesday, supported by China’s pledge to support economic growth and expectations that the US Federal Reserve will soon stop raising interest rates.
Outside the Gulf region, the Egyptian index of leading stocks declined 0.2 percent, with the Eastern Company – Eastern Company falling by 1.1 percent.
2023-07-19 16:05:05
#regions #markets #trading #collective #decline
