Geopolitical tensions and low oil prices have been weighing heavily on the Saudi stock market, which has seen losses for two consecutive sessions. The Saudi economy is expected to grow slower than anticipated this year, impacted by lower oil prices. Meanwhile, the UAE is expected to have the fastest growth in the region.
On Wednesday, most stock markets in the Gulf region experienced declines due to escalating Israeli bombing in Gaza and new evacuation orders in the northern Strip. The Saudi stock market lost 1.03%, with ACWA Power and Saudi National Bank shares taking a hit. In Dubai, stocks closed relatively stable, up slightly, while Abu Dhabi saw a slight decline. Qatar, Kuwait, Bahrain, and Muscat all experienced various degrees of decline or growth in their stock markets.
Outside the Gulf region, Egypt’s leading stock index fell by 3.2% as most listed stocks declined, including that of Commercial International Bank. Despite signing a financial support package with the IMF, Egypt’s growth is expected to be slower this year with an anticipated acceleration next year.
