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Gulf markets follow the impact of world stock exchanges . falling oil prices add to pressure

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Major Gulf markets fell early in trading on Thursday, following the impact of falling oil prices and Asian equities on fears of a US interest rate hike and growing concern over the variant’s rapid spread. omicron.

The Saudi Stock Exchange Index fell 0.4%, impacted by a 1.2% drop in Saudi Basic Industries Corporation (SABIC) and a 0.4% drop in Al-Rajhi Bank.

Oil prices, a major driver of financial markets in the Gulf, have fallen from their highest levels in more than a month after the increase in fuel stocks in the United States due to falling demand.

Reuters reported today, citing three informed sources, that Saudi Arabia, the world’s largest oil exporter, lowered its official sales price for the month of February for all types of crude oil sold. in Asia of at least one dollar a barrel.

The Dubai Stock Exchange index fell by 1%, due to the drop in the Emirates NBD share of 1.8% and the drop in the Dubai Islamic Bank share of 1.5%.

In Abu Dhabi, the index fell 0.2%, with First Abu Dhabi Bank falling 0.6%.

The United Arab Emirates, the regional tourist and commercial hub, recorded 2,708 infections with the Corona virus yesterday, Wednesday, as it hosts the Expo during a high tourist season.

And the six Gulf Cooperation Council countries have detected infections with the Omicron mutant.

The Qatar Stock Exchange Index also fell by 0.2%, as the country recorded 2,273 new kroon cases yesterday.

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