Most stock markets in the Gulf gave up early gains to end lower on Wednesday, tracking a decline in global shares, as renewed unease gripped markets after Credit Suisse’s largest investor said it could not provide the Swiss bank with more financial assistance.

Saudi National Bank — the kingdom’s biggest lender — acquired a stake of almost 10% last year after taking part in Credit Suisse’s capital raising and committed to investing up to 1.5 billion Swiss francs ($1.63 billion).

Banking shares, which have been battered following the collapse of Silicon Valley Bank, resumed their sell-off as the Credit Suisse stock lost almost a quarter of its value, dropping to record lows.

Shares of Saudi National Bank retreated 2.7%, hitting their lowest since February 2021.

The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse.

Credit Suisse sheds nearly 25%, key backer says no more money

Saudi Arabia’s benchmark index declined 1.6%, dragged down by a 2.9% slide in oil giant Saudi Aramco as the stock went ex-dividend, while Retal Urban Development Co fell 1.2%.

In Qatar, the index concluded 1% lower, as most of its constituents were in the negative territory, including Qatar International Islamic Bank, which was down 5.8%.

The Abu Dhabi index fell 0.7%.

Oil — a key catalyst for the Gulf’s financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery.

Dubai’s main share index, which advanced more than 1% in early trade, finished 0.2% higher, ending its six sessions of losses.

A shift in global sentiment after the fears that emerged from the fall of U.S. banks could lead the Dubai market into a recovery phase as investors return to the market, said Ahmed Negm, head of market research MENA at

“At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next.”

Outside the Gulf, Egypt’s blue-chip index plunged 4.2%, with investment bank EFG Hermes diving more than 12%.

 SAUDI ARABIA     lost 1.6% to 10,049
 ABU DHABI        fell 0.7% to 9,525
 DUBAI            added 0.2% to 3,310
 QATAR            dropped 1% to 10,114
 EGYPT            lost 4.2% to 14,724
 BAHRAIN          eased 0.4% to 1,899
 OMAN             down 0.6% to 4,898
 KUWAIT           gained 0.9% to 7,900


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Rebirth Mar 16, 2023 03:37am
Our corrupt criminals, and possibly some who played by the rules but evaded taxes, will need to repatriate their capital back home immediately from Swiss banks. If they don’t do it, forget us, they won’t benefit from the illegal wealth they’ve amassed either. There are no indications that the Swiss or the EU will bail out the banks. They barely halted trading and let the stocks crash. They don’t want Saudi investment in their financial sector. They’re the only nation on Earth to ban minarets. It could also be Europe’s historic minority that wants to transfer the funds they’ve hoarded, by bankrupting those economies, to our region. It wasn’t a bad idea when they were doing fine, but now it’s likely that they’ll literally bankrupt every single person and make it hard for them to withdraw their own cash. We need to look at only our own looted wealth and our own pounds of flesh. Not theirs. They should stay united under their Judeo-Christian values and leave us and especially our minds be.
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