Stocks in the Gulf Cooperation Council (GCC) countries experienced a collective decline on Sunday, the first session of the week during the Eid Al-Adha holiday. The Saudi market began its holiday on Thursday and will continue until July 2.
In Kuwait, the general index of the Kuwait Stock Exchange fell by 0.85% to 6,989.68 points. A total of 151.1 million shares were traded through 7,592 cash transactions, with a value of 33.4 million dinars (approximately 101.2 million dollars). The main market index also saw a decline of 0.68% to 5,429.30 points, with 76.3 million shares traded through 3,247 cash transactions, valued at 6.9 million dinars (about 20.9 million dollars). The first market index fell by 0.89% to 7,765.92 points, with 74.7 million shares traded through 4,345 transactions, valued at 26.4 million dinars (about 79.9 million dollars). Additionally, the (main 50) index experienced a decline of 0.87% to 5,324.78 points, with 61.3 million shares traded through 2,507 cash transactions, valued at 5.4 million dinars (approximately 16.3 million dollars).
In Bahrain, the Bahrain General Index fell by 5.11 points to 1,956.32 points, while the Bahrain Islamic Index lost 1.46 points, reaching 746.15 points. The volume of shares traded amounted to 2.672 million shares, with a total value of 432,768 Bahraini Dinars, executed through 52 transactions.
The general index of the Qatar Stock Exchange also experienced a decline of 2.6% to 9,843.12 points. During the session, 148.75 million shares were traded, with a value of 340.307 million riyals, as a result of 11,653 transactions across all sectors.
In the Sultanate of Oman, the Muscat Stock Exchange index rose by 0.35% to 4,747.56 points, with a turnover of 2.819 million Omani riyals.
Outside the Gulf region, the main Egyptian stock index (EGX30) fell by 2.4% to 17,287.64 points, while the small and medium stock index (EGX70) declined by 0.65% to 3,493.31 points. The broader (EGX100) index also experienced a decline of 0.86% to 5,174.62 points.
Overall, the Gulf region witnessed a decline in stocks during the first session of the week, coinciding with the Eid Al-Adha holiday.
How did the Kuwait Stock Exchange (KSE) and the Qatar Stock Exchange (QSE) perform on Sunday?
Tock Exchange (KSE) declined by 0.2% on Sunday. The banking sector was the biggest loser, with National Bank of Kuwait (NBK) dropping by 1.7%.
In Qatar, the main index of the Qatar Stock Exchange (QSE) also saw a decline, dropping by 0.4% on Sunday. Industries Qatar was the biggest loser, declining by 1.2%.
Similarly, in Bahrain, the Bahrain All Share Index (BASI) declined by 0.3% on Sunday. Ahli United Bank was the biggest loser, dropping by 1%.
Meanwhile, in Oman, the Muscat Securities Market (MSM) witnessed a decline of 0.2% on Sunday. Bank Muscat was the biggest loser, declining by 1.5%.
Only the United Arab Emirates (UAE) stock markets were exempted from the decline, with the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) both experiencing gains on Sunday. The DFM index rose by 0.2%, while the ADX index increased by 0.1%.
Overall, the decline in the GCC stock markets on Sunday can be attributed to the ongoing Eid Al-Adha holiday, which has resulted in reduced trading activity. With the Saudi market on holiday and other investors observing the holiday season, the volume of trades and liquidity in the markets has been lower than usual.
It’s unfortunate to see stocks in GCC countries declining during the Eid Al-Adha holiday. Hopefully, this dip is temporary and the market will bounce back soon.