The stock markets in the Gulf region experienced a downturn on Monday, primarily due to ongoing geopolitical conflicts in the region. The Federal Reserve’s monetary policy added to these concerns, as doubts surrounded its impact on the economy. In Saudi Arabia, the index saw a 0.1% decrease, with Al Rajhi Bank shares falling by 1%, and SABIC Agricultural Nutrients shares dropping by 3.5%. The market ended at 12,509 points, with trades totaling about 8.9 billion riyals.
Saudi Cable and Gulf Training shares led declines, dropping by 5%, while trading at 75 riyals and 31.50 riyals respectively. SABIC Nutrients shares hit a three-year low of 110.80 riyals, with losses reaching about 20% since the beginning of the year. However, Saudi Aramco shares rose by less than 1% to 30.15 riyals and Care shares increased by 2% to 191.20 riyals.
In the UAE, both Dubai and Abu Dhabi markets closed down slightly, with Dubai dropping by 0.16% and Abu Dhabi falling by 0.09%. Meanwhile, Qatari stocks fell by 1.3%, with Qatar National Bank shares dropping by around two percent since the beginning of the year due to ongoing geopolitical tensions in the region. The Muscat market saw a slight decline of just over one percent while Bahrain’s market fell marginally at around one percent during trading hours on Monday morning due to fluctuations in oil prices globally which affected their economy negatively . On other hand Kuwait’s index rose slightly after an announcement was made that Kuwait will be expanding its oil production capacity which would positively impact their economy .
Outside of the Gulf region, Egypt’s leading stocks index dropped by around one percent mainly due to fluctuations in Talaat Mostafa Holding Group’s share price that reached around two percent since last year . These fluctuations reflect ongoing uncertainties and concerns in the region that continue to impact stock markets across all countries involved .
