Most stock markets in the Gulf declined on Wednesday, coinciding with the intensification of the Israeli bombing across the Gaza Strip and amid instructions from the army for new evacuation operations in the northern Strip.
The Saudi index lost 1.03% to 12,355.69 points, affected by the decline of ACWA Power shares by 3.4% and the Saudi National Bank shares by 1.2%.
A Reuters poll showed that the Saudi economy will grow this year at a slower pace than previously expected, amid a decline in oil prices from their recent peak levels, and that the UAE will grow at the fastest pace in the region.
The Saudi stock market continued its losses for the second session in a row. George Khoury, global director of education and research at CFI, said that geopolitical tensions and low oil prices continue to weigh on the market.
In a separate context, Saudi official television reported that King Salman entered a hospital in Jeddah to undergo routine examinations that take a few hours.
UAE stocks closed the mid-week session intact, and while the Dubai market index rose 0.02% to 4167.33 points, the Abu Dhabi market fell 0.07% to 9045.03 points.
The Qatari index lost 0.5% of its value, affected by the 1% drop in Qatar Islamic Bank’s stock.
The Kuwaiti stock index fell 0.19% to 7,705.34 points, and Bahrain fell 0.19% to 2,013.12 points, while the Muscat Market index rose 0.23% to 4,707.10 points.
Outside the Gulf region, Egypt’s leading stock index fell 3.2 percent, with most of the stocks listed on it falling, including the Commercial International Bank stock.
A Reuters poll on Tuesday expected the Egyptian economy to grow this year at a slower pace than previous expectations after Egypt signed a conditional financial support package worth eight billion dollars with the International Monetary Fund, but the poll expected growth to accelerate next year. (agencies)