The Qatari index pushes most of the Gulf stock exchanges to decline due to recession fears

Most of the Gulf stock exchanges closed lower yesterday as investors’ appetite for risk declined due to recession fears and volatile energy prices, and the Qatari index topped the losers in the region.
Asian stocks fell for the seventh consecutive session after European energy prices rose again, which raised fears of recession and raised bond yields, while the euro fell to its lowest level in 20 years.
Gas prices in the European Union rose 13% yesterday, reaching a record peak.
According to “Archyde.com”, the Qatari index fell 1.5 percent, with most shares on the index declining, including Qatar National Bank, the largest Gulf bank, which fell 3.2 percent.
Investors moved to secure their gains, said Ahmed Fouad, head of sales at Emporium Capital, adding that despite that, the market might find some support from higher natural gas prices.
The main stock index in Dubai fell 0.5 percent, affected by a 1.4 percent drop in Dubai Islamic Bank. The stock index in Abu Dhabi closed 0.2 percent lower.
Kuwait’s index rose 1.7 percent to 8807 points with the support of banks’ shares, especially Kuwait Finance House “KFH”, which rose 4.2 percent.
Burgan Bank shares rose 4.6 percent, Boubyan Bank shares 3.8 percent, National Bank of Kuwait 0.4 percent and Gulf Bank 0.6 percent.
Bahrain’s index rose 0.05 percent to 1,900 points. Muscat index fell 0.33 percent to 4,602 points.
In Cairo, the leading stock index in the Egyptian Stock Exchange fell 1.1 percent.
The Egyptian index, which has suffered losses of more than 15 percent so far this year, is under pressure due to a sharp decline in portfolio holdings by foreign investors and the high costs of imports of basic goods, especially since the Russian intervention in Ukraine.

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