Most stock markets in the Gulf Cooperation Council countries declined on Wednesday, at the beginning of May, affected by the fall in oil prices and amid investors’ anticipation of the Federal Reserve’s decision on the interest rate path.
In the UAE, the Abu Dhabi market index fell 0.39% to 9032.06 points, and the Dubai market index fell 0.54% to 4133.31 points.
The Saudi TASI index fell 0.4%, after gains for two consecutive sessions, with most sectors declining. The Middle East Pharmaceutical Industries Company’s shares lost 2%, and the Saudi National Bank’s shares lost 0.9%.
Preliminary estimates showed, on Wednesday, that Saudi Arabia’s real gross domestic product fell by 1.8% on an annual basis in the first quarter, with overall growth continuing to be affected by the decline in oil activities.
The general index of the Kuwait Stock Exchange fell 0.36% to 7,025.42 points. The volume of shares traded amounted to 198.7 million shares through 12,139 cash transactions, worth 37.9 million dinars.
On the occasion of Labor Day, the Bahrain Stock Exchange and Bahrain Clear closed its doors on Wednesday, and work will resume on Thursday.
The Qatari index fell 0.2%, affected by the decline of Qatar Islamic Bank shares by 1.1% and Mesaieed Petrochemical Holding shares by 3.4%.
The Muscat Stock Exchange “30” index fell 0.36% to 4767.23 points. The trading value reached 2.36 million Omani riyals.
Outside the Gulf region, the leading stock index in Egypt rose 3.4%, with gains in all stocks listed on it. Talaat Mostafa shares jumped 7.9%, and Commercial International Bank shares jumped 1.5%. (agencies)