The Qatari index fell 2.1%, with most of the stocks declining on the index, including Qatar National Bank, the largest Gulf bank, which fell 2.1%.
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The Saudi index fell 1.1%, extending its losses for the second session
The Saudi stock market closed lower today, Monday, amid falling oil prices, while the Egyptian index ended its six-session gains due to profit-taking.
Crude oil prices, the main catalyst for financial markets in the Gulf, fell to their lowest levels in two months as supply concerns eased while concerns about Fuel demand from China And the strength of the dollar on prices.
The number of COVID-19 cases in China remained close to its peak in April Beijing is battling an outbreak in major cities and others across the country.
The Saudi index fell 1.1%, extending its losses for the second session, after the shares of Rital for Urban Development fell 1.3% and Saudi Aramco 1.6%. The Saudi energy sector index also fell 1.6%.
The Dubai index fell 0.4%, affected by a 0.8% drop in Emaar Properties.
Read also: Oil prices are at their lowest levels due to falling demand
“The Dubai Stock Exchange has returned to decline, and may witness more price corrections if traders maintain the selling trend,” said Fadi Riyad, senior Middle East market analyst at Capix.com.
The Abu Dhabi index closed down 0.6%.
The Qatari index fell 2.1%, with most stocks on the index falling, including Qatar National Bank, the largest Gulf bank, which fell 2.1%.
“The Qatari stock exchange continued its losses this week in light of the uncertainty related to the direction of natural gas prices,” Riyad said, adding, “However, the launch of the World Cup finals could serve as an opportunity to attract investments and help the market to stabilize.”
Outside the Gulf region, the Egyptian blue-chip index fell 0.6% due to profit taking, ending six sessions of gains.