AVN 65.00 No Change ▼ 0.00 (0%)
BAFL 30.98 Decreased By ▼ -0.17 (-0.55%)
BOP 4.74 Increased By ▲ 0.03 (0.64%)
CNERGY 3.90 Increased By ▲ 0.02 (0.52%)
DFML 13.56 Decreased By ▼ -0.14 (-1.02%)
DGKC 41.50 Increased By ▲ 0.23 (0.56%)
EPCL 46.48 Decreased By ▼ -0.21 (-0.45%)
FCCL 11.38 Decreased By ▼ -0.04 (-0.35%)
FFL 5.04 No Change ▼ 0.00 (0%)
FLYNG 5.76 Decreased By ▼ -0.06 (-1.03%)
GGL 9.97 Increased By ▲ 0.02 (0.2%)
HUBC 64.80 Increased By ▲ 0.70 (1.09%)
HUMNL 5.73 Increased By ▲ 0.08 (1.42%)
KAPCO 27.99 Increased By ▲ 0.19 (0.68%)
KEL 2.17 Increased By ▲ 0.04 (1.88%)
LOTCHEM 24.80 Increased By ▲ 0.50 (2.06%)
MLCF 21.41 Increased By ▲ 0.01 (0.05%)
NETSOL 84.85 Increased By ▲ 0.65 (0.77%)
OGDC 88.56 Increased By ▲ 0.62 (0.71%)
PAEL 11.00 Increased By ▲ 0.10 (0.92%)
PIBTL 4.24 Increased By ▲ 0.06 (1.44%)
PPL 78.41 Increased By ▲ 0.71 (0.91%)
PRL 13.55 Decreased By ▼ -0.07 (-0.51%)
SILK 0.90 Increased By ▲ 0.01 (1.12%)
SNGP 41.75 Decreased By ▼ -0.18 (-0.43%)
TELE 5.90 Increased By ▲ 0.03 (0.51%)
TPLP 15.89 Increased By ▲ 0.11 (0.7%)
TRG 111.70 Decreased By ▼ -0.60 (-0.53%)
UNITY 14.00 Increased By ▲ 0.05 (0.36%)
WTL 1.15 Increased By ▲ 0.02 (1.77%)
BR100 4,063 Increased By 15.6 (0.38%)
BR30 14,543 Increased By 76.3 (0.53%)
KSE100 40,753 Increased By 80.2 (0.2%)
KSE30 15,265 Increased By 74.8 (0.49%)
Follow us

Saudi Arabia’s stock market led declines in much of the Gulf region on Wednesday, hitting its lowest since April last year as worries mounted about a global economic downturn.

Data released on Monday showed U.S. services industry activity unexpectedly picked up in November, prompting investor speculation that the Fed could keep raising interest rates for longer which could hurt economic growth.

Traders expect a half-point hike from the Fed on Dec. 14.

Most Gulf Cooperation Council countries, including Saudi Arabia, the United Arab Emirates and Qatar, have their currencies pegged to the U.S. dollar and follow the Fed’s policy moves closely, exposing the region to a direct impact from monetary tightening in the world’s largest economy.

Saudi Arabia’s bechmark index declined 2.5%, hitting its lowest since April 2021, dragged down by a 4.9% slide in Al Rajhi Bank and a 4.7% fall in Riyad Bank.

The Saudi bourse could see more losses while concerns remain around the developments in oil markets, Daniel Takieddine, CEO MENA at BDSwiss, said.

“However, the market could find some support in solid local fundamentals.”

Qatar bourse leads declines in Gulf on volatile oil, hawkish Fed fears

Oil - a key catalyst for the Gulf’s financial markets - edged higher after Brent crude earlier fell close to its lowest this year, as hopes of higher Chinese demand offset concern about recession and easing fears that a Western cap on Russian oil prices would curb supply.

In Abu Dhabi, the index lost 0.7%, with the country’s biggest lender First Abu Dhabi Bank down 1.9%.

The United Arab Emirates’ non-oil private sector grew in November at its slowest pace since January, as concerns over a global slowdown weighed on sales and confidence, a survey showed on Wednesday.

The Qatari index, which wiped out its year-to-date gains in the previous session, retreated a further 1.3%.

Outside the Gulf, Egypt’s blue-chip index finished 2% higher, gaining for a seventh session.

========================================
 SAUDI ARABIA    down 2.5% to 10,185
 ABU DHABI       fell 0.7% to 10,336
 DUBAI           was flat at 3,339
 QATAR           dropped 1.3% to 11,463
 EGYPT           lost 1.1% to 11,337
 BAHRAIN         eased 0.1% to 1,857
 OMAN            rose 1.4% to 4,724
 KUWAIT          added 0.1% to 8,285
========================================

Comments

Comments are closed.

Saudi bourse at 19-month low on growth fears; Egypt extends gains

Fitch says PKR to further weaken

Country braces for fuel shortages?

IMF revises GDP growth projections downward

Govt plans to convert Rs800bn PHL debt into public debt

Nepra FCA decision: Power Div proposes revision

KE, Discos: Nepra approves negative tariff adjustments

Jul-Dec: govt has borrowed $5.595bn

In West Bank, US presses for two-state solution

Paracetamol: govt to allow increase in price

Zardari for increasing minimum wages to Rs 35,000