The stock markets in Middle East are losing after the fall of Wall Street

The stock markets in Middle East have closed in low on Sunday, dragged down by the Wall Street crash on Friday.

Major US equity indices closed in fall on Friday after data showed persistent inflation, which dampened optimism about easing US-China tensions, following a phone call between US President Joe Biden and his Chinese counterpart Xi Jinping .

U.S. producer prices rose sharply in August, indicating that high inflation is likely to persist for a while and that supply chains will continue to suffer from shortages as the Covid-19 pandemic continues.

The Saudi index fell 0.7%, widening the previous session’s losses, under the pressure of Al-Rajhi Bank’s 0.3% and Saudi Basic Industries Corporation (SABIC) declines of 1.1% each. .

In Abu Dhabi the index lost 0.5%, in drop from the level record of the previous session, and the share of the Etisalat Group lost 1.4%.

The Dubai index fell 0.4%, due to Dubai Islamic Bank’s 0.8% drop.

Aramex Shipping, listed in Dubai, that is in part owned by Abu Dhabi government investment holding ADQ, it said Sunday to be in negotiations to buy Turkish parcel delivery company MNG Cargo.

Aramex shares fell 0.8%.

The UAE said on Sunday that the country’s private sector companies will need to hire Emirati citizens to fill 10% of their jobs within five years in the latest economic reforms.

The Qatar index fell 0.2% and the Commercial Bank 1.1%.

Outside the Gulf region, the blue chip index in Egypt fell 0.2%. Shares of the Eastern Tobacco Company fell 2.5%.

Data from Egypt’s Central Agency for Public Mobilization and Statistics showed Thursday that annual urban consumer price inflation rose slightly to 5.7% in August from 5.4% in July, the highest level since. November.

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