- Kuwait’s Premier Index suffers its third consecutive daily loss.
- UAE indices experience their worst session in over two years.
- Aramco’s shares decline for the sixth consecutive session.
- Saudi market falls for the third consecutive session.
Gulf markets closed with sharp losses on Monday, impacted by a global market downturn due to fears of a US economic recession and increasing concerns about the widening conflict in the region.
The Kuwait Premier Index fell by 2%, marking its third consecutive daily loss, pressured by all major stocks, particularly National Bank of Kuwait and Kuwait Finance House, which dropped by 3.2% and 1.2%, respectively.
In Qatar, the general index recovered all its early losses by the end of the session, closing steady at 10,057 points after touching 9,760 points during the session.
In the UAE, the FTSE Abu Dhabi Index fell by 3.4% on Monday, experiencing its biggest daily loss since March 2022, with a nearly across-the-board decline in stocks. The Dubai market index also dropped by 4.5%, marking its biggest daily loss in over two years, with leading stock Emaar Properties down by 7.6%, its worst session since May 2022.
The chart shows the Dubai Financial Market (DFM) index, which has recently experienced a significant drop. The index fell from around 4,250 points to approximately 4,045.9 points, marking a 4.52% decline. This sharp decline reflects the overall downturn in Gulf markets, as mentioned in the previous summary. The recent market volatility highlights the impact of global economic concerns and regional uncertainties on the market.
