Gulf stock markets drop sharply as global stocks fall

Most markets in the Middle East fell on Sunday in a context of meager volumes, imitating a drop in global stocks last week with falling oil prices.

Brent crude futures fell 58 cents on Friday, or 1%, to $ 59.34 a barrel. Retaliation for American products.

The Saudi index posted the worst performance with a loss of 2.4%, led by the banking and petrochemical sectors. Other markets in the region, with the exception of Egypt and Bahrain, also declined and remained virtually unchanged.

"It seems like global markets are dragging on," said a Dubai-based trader. "It's a quiet day, but not good".

The Islamic bank Alinma was among the worst performers in Saudi Arabia, losing 4%. Earlier this month, the bank announced a 12% increase in net income in the second quarter.

In the petrochemicals sector, Saudi Kayan Petrochemical Co. suffered a sharp loss, down 3.9%, while SABIC, the main stock, lost 2.5%.

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In the UAE, large real estate values ​​have been affected. In Dubai, where the index lost 1.9%, Emaar Properties lost 3.9%, while Abu Dhabi, which lost 1.4%, saw Aldar collapse by 4.1%.

Outside the Gulf, the main Egyptian index rose 0.1%, Orascom Investment Holding down 1.4% and Egyptian Resorts up 3.7%, leading the day with one of the largest volumes in the world. higher.

Source: Reuters

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