Nearly total decline in Gulf markets pending the consequences of the trade war

"Economy" of Riyadh

The Gulf stock markets fell almost unanimously yesterday, with the exception of the Muscat securities market, which broke the trend marginally, in the expectation of reducing the rate of interest. US interest and the return of the trade war between Washington and Beijing.
The Federal Reserve has cut interest rates by 25 basis points Wednesday night, but it is important that this step is not the beginning of a long-term focus of cash facilitation.
According to Reuters, the Abu Dhabi index fell 1% to 5,179 points, prompting the first bank in Abu Dhabi to lose 1.4%.
The Dubai index fell 1.5% to 2,857 points, that of Emaar Properties by 4% and that of Emaar by 3.6%.
"This is a typical correction," said Essam Kasabiya, a financial badyst at MENA Corp. Emaar Properties advanced after the company announced it had signed an agreement with Beijing New Europol Holdings to develop a project near Beijing Daxing International Airport. "The clarifications provided later confirmed that the MOU was not binding and did not guarantee the achievement any income".
After the market shutdown, Emaar said its net profit fell 3.7 percent in the first half of this year, posting a profit of 3.11 billion dirhams, up from 3.23 billion a year earlier.
In Oman, the index rose 0.09% to 3,780 points, gaining 3.48 points from Thursday's levels. In Bahrain, the index rose to 1549 points, while the Kuwait index lost 0.4% to 6726 points. The Qatar index lost 0.4%, the National Bank of Qatar fell 0.8%, while Qatar Navigation lost 3.8%. In Cairo, the Egyptian stock market rebounded and closed up 0.8% to 1,632.32 points, while CIB was the largest bank in Egypt, with a gain of 1.6%.