The Saudi stock market violates the market downturn . and rises above the 13,500 point level

Most of the Gulf stock markets have closed in lower today, Monday, monitoring the impact of global equities, as oil prices fell nearly 5% amid concerns about the impact of rising interest rates and China’s closing due to the Corona virus on the global economic growth.

Asian markets suffered the worst session in more than a month as fears that Beijing could soon return to close led Chinese equities to drop to 2020 lows and with Wall Street’s 2.5% drop on Friday, the effects continued.

The main index of the Saudi stock market is in countertrend, closing in Up 0.6% to point 13543, thanks to a 2.1% jump in Al-Rajhi Bank, according to Reuters.

On the other hand, shares of the Saudi Kayan Petrochemical Company fell 8.7% after the company posted a sharp decline in net earnings for the quarter.

The Qatar index closed in down by 1.6 per cent, extending the losses of the previous session, with the decline of all stocks included in the index but one.

Qatar International Islamic Bank fell 4%, posting the largest percentage loss on the index, despite the announcement of an increase in first-quarter net earnings.

The Abu Dhabi Stock Exchange Index fell 0.9%, impacted by a 2.1% decline in the shares of First Abu Dhabi Bank, the largest bank in the UAE.

The main index of the Dubai Stock Exchange also fell 0.8%, closing a series of gains that lasted four sessions, with the share of Emaar Properties in drop of 0.8%.

Crude oil prices, a major catalyst for the Gulf financial markets, have reached their lowest level in nearly two weeks due to demand concerns.

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