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[size=38]Gulf Markets Close Lower, And Abu Dhabi Is Witnessing The Worst Day Since 2021
ECONOMIC
LAST UPDATE 03/09/2022 | 5:25 PM
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ECONOMIC
LAST UPDATE 03/09/2022 | 5:25 PM
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Middle East markets fell on Wednesday, with the Abu Dhabi index down more than 2%, even as the US ban on Russian oil imports pushed crude prices up around $130 a barrel.
Abu Dhabi's main index fell 2.2 percent, its biggest daily percentage loss since Dec. 20.
"While strong oil prices provide some support, they raise concerns that they may erode demand," Daniel Taqi El-Din, CEO of Middle East and North Africa at BD Suisse, said of the Abu Dhabi index's decline.
Abu Dhabi National Energy Company (TAQA) said it would buy power generation assets in the UAE to expand clean energy development, sending its shares up 2.4 percent.
The main index in Saudi Arabia closed down 0.9 percent, with the share of the oil giant Saudi Aramco (SE:2222) closing down 2.9 percent.
The main index in Dubai gave up initial gains to end the session down 0.8 percent, incurring losses for the fourth consecutive session.
Financial stocks weighed on sentiment, with Emirates NBD (DU:ENBD) dropping 2.7 percent.
The Qatari index closed down 0.4 percent.
Outside the Gulf region, the blue-chip index in Egypt closed 0.2 percent higher after falling for three consecutive sessions.
Saudi Arabia.. The index fell 0.9 percent to 12,739 points
Abu Dhabi .. The index fell 2.2 percent, recording 9,523 points
Dubai .. The index lost 0.8 percent, recording 3,385 points
Qatar.. The index fell 0.4 percent to 13,639 points
Egypt.. The index rose 0.2 percent, recording 10,418 points
Bahrain.. The index closed stable
Oman.. The index rose 0.8 percent to 4,258 points
Kuwait: The index rose 0.6 percent to 8,761 points. finished/25h
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