Most stock markets in the Gulf fell in early trade on Tuesday, mirroring weakness in global shares and oil prices, with the Saudi index leading declines.
Asian equities slipped to the lowest in nearly two years, as investors fretted about the toxic cocktail of rising interest rates and weaker economic growth. Saudi Arabia’s benchmark index declined 1.1%, with Al Rajhi Bank losing 1.6% and Riyad Bank sliding 4.5%.
Among other losers, Al ELM Information Security Company fell more than 1% as the stock traded ex-dividend. Oil prices dropped more than 1%, extending the previous day’s steep declines as coronavirus lockdowns in top oil importer China, a strong dollar and growing recession risks fed worries about the outlook for global demand.
The Dubai index lost 0.2%, hit by a 1% fall in top lender Emirates NBD and a 0.3% decrease in Sharia-compliant lender Dubai Islamic Bank.
In Abu Dhabi, the index eased 0.1%, while Qatar’s benchmark index was down 0.2%.
Most Gulf bourses track global shares lower; Saudi gains
Separately, the United Arab Emirates will introduce a form of unemployment insurance, the cabinet said on Monday, the latest reform by the Gulf country as it strives to attract talent and investment amid increasing regional economic competition.
Insured workers would receive money for a limited time period if made unemployed, UAE Prime Minister and Vice-President Sheikh Mohammed bin Rashid al-Maktoum, who is also the ruler of trade hub Dubai, said on Twitter, citing a cabinet decision.
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