Saudi Arabia leads declines in stock market falls among Gulf exchanges

As of yesterday, Thursday, most Gulf markets closed down due to rising inflation and recession fears, as well as a drop in oil prices following speculation that Saudi Arabia might increase output.

Saudi Arabia’s benchmark index was down 1.3 percent, weighed down by a 2.1 percent drop in Saudi Aramco and a 1.2 percent drop in Al Rajhi Bank, the country’s largest Islamic lender.

Crude, a key catalyst for the Gulf’s financial markets, fell as much as 3% ahead of an OPEC+ meeting later in the day. 

The energy index in Saudi Arabia retreated by more than 2%.

In Abu Dhabi, equities slipped 0.5% with the United Arab Emirates’ largest lender First Abu Dhabi Bank losing 1.3%.
Egypt’s blue-chip index fell 0.8%, with Commercial International Bank Egypt slipping 2.4%.

This report’s information was first seen on Reuters; to read more, click this link.