The biggest drop in the Dubai index in more than a month after a Houthi attack was thwarted… and the Qatar Stock Exchange was unique in the gains
Most of the stock markets in the Gulf closed on Monday lower in line with global stocks, while the Dubai index recorded the largest decline in more than a month, with the UAE announcing the thwarting of a new attack by the Houthis, according to Reuters.
Dubai’s main index fell 2%, affected by a 3.5% drop in blue-chip Emaar Properties, while Emirates NBD Bank fell 1.9%.
The UAE said on Monday that it had thwarted another Houthi missile attack following an attack on it last week, which constitutes a targeting by the Houthis of the UAE’s image as a safe tourist and commercial center in the region.
The military spokesman for the Houthis, Yahya Saree, warned foreign companies in the UAE, and advised them to leave, because it had become an unsafe country, as he put it.
In Abu Dhabi, the main stock index closed down 0.1%, with the share of the International Holding Company down 0.6%.
“Global markets are expected to remain sensitive to the Federal Reserve’s new policy indicators this week,” said Han Tan, senior market analyst at the Exinity Group. “Risk assets since the beginning of the new year are undergoing a realignment, with the Fed expected to raise prices further. interest in 2022.
The main index of Saudi stocks fell 0.6%, weighed down by the 1.3% decline in Al-Rajhi Bank’s share and the 2.5% decline in the Saudi National Bank’s share.
Wael Makarem, a market strategist at Exness, said that the Saudi market continues to correct after hitting its highest level in more than 15 years this month, as investors try to secure their gains.
The Saudi-led coalition said that two residents of the country were slightly injured when a ballistic missile fired by the Yemeni Houthi group fell on the south of the kingdom.
Qatar Stock Exchange wins
The Qatar Stock Exchange index was the only one with gains, up by 0.3%, supported by the rise of the Commercial Bank’s share by 4.4%.
Oil prices – a major catalyst for the Gulf financial markets – rose due to geopolitical risks in Europe and the Middle East.
Outside the Gulf region, Egypt’s blue-chip index fell 0.3%, with Commercial International Bank falling 0.4%.
The following are the closing levels of the major indices for the Middle East stock exchanges:
- Saudi Arabia: The index fell 0.6% to 12,068 points.
- Abu Dhabi: The index fell 0.1% to 8,690 points.
- Dubai: The index fell 2% to 3,147 points.
- Bahrain: The index fell 0.3% to 1810 points.
- Oman: The index lost 0.5% to 4202 points.
- Kuwait: The index fell 0.2% to 8000 points
- Egypt: The index fell 0.3% to 11,616 points.
- Qatar: The index rose 0.3% to 12,523 points.