The Saudi Stock Exchange rises as a result of its inclusion in the FTSE Russell index
Stock markets in the Middle East closed mixed on Monday, as growth-related concerns weighed on investor sentiment ahead of several central bank meetings this week.
On Thursday, the Bank of England is expected to raise interest rates for the fifteenth time to 5.5 percent, while the Riksbank is expected to raise interest rates by 25 basis points to four percent.
Real estate sector problems, geopolitical tension and ongoing strikes in China have also raised global growth concerns.
The Abu Dhabi index fell 0.6 percent, ending a series of gains that lasted seven sessions, after a 1.3 percent decline in the shares of the International Holding Company and its Multiplay Group.
The Saudi index also fell 0.6 percent, closing near its lowest level in three months.
Shares of the financial and health care sectors led the index’s losses, with Al Rajhi Bank shares falling 1.4 percent and Dr. Sulaiman Al Habib Medical Services Group shares falling 2.6 percent.
But the Qatari index rose 0.2 percent, driven by a jump in Qatar Navigation Company (Milaha) shares of 3.5 percent and a rise in Mesaieed Petrochemical Holding shares by 4.8 percent.
Oil prices, a major component of the Gulf region’s economy, increased 0.9 percent to $94.78 per barrel amid expectations of shrinking supplies for the rest of the year.
Gains in industrial stocks gave a boost to the Dubai index, which closed 0.1 percent higher. Air Arabia shares rose 3.3 percent, and Gulf Navigation Holding shares rose 3.7 percent.
Outside the Gulf region, Egypt’s leading stock index rose 0.4 percent to close at its highest levels ever after the shares of the Misr Fertilizer Production Company (MOPCO) rose 6.1 percent.
#stock market
#Gulf markets
2023-09-18 14:22:44
#performance #Middle #East #stock #exchanges #mixed #due #growth #concerns
