Most Gulf markets in red

DUBAI: Most stock markets in the Gulf ended lower on Monday, extending losses from the previous session as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis.

The failures in the US banking sector continue to weigh on GCC stock markets and add to the uncertainties around US monetary policy, said Fadi Reyad, Chief Market Analyst at CAPEX.com.

“Energy price movements remain under observation as well and could add to the pressures.” The Federal Reserve and US Treasury on Sunday announced a range of measures to stabilise the banking system and said depositors at SVB would have access to their deposits on Monday.