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GCC stock markets reflect mixed performance amid low oil prices, investor concerns
(MENAFN) On Wednesday, Gulf stock markets exhibited varied performance as investor sentiment wavered, influenced by disappointing corporate earnings reports and a drop in oil prices. Oil prices, a critical driver for the Gulf region's financial markets, fell to six-week lows as the summer season in the northern hemisphere began without the anticipated increase in fuel consumption. Persistent worries about a potential economic slowdown in China, which could dampen global oil demand, further contributed to the decline in prices.
In Saudi Arabia, the stock index ended the day unchanged. Shares of Saudi Aramco experienced a slight decline of 0.4 percent, while Saudi Telecom Co. saw a modest gain of 0.6 percent following a quarterly net profit increase to 3.03 billion riyals (USD808 million) from 3.01 billion riyals the previous year. Meanwhile, the Bahrain index dropped by 0.07 percent, the Qatar Stock Exchange index fell by 0.03 percent, and the Muscat Stock Exchange index saw a slight increase of 0.13 percent. The Kuwait Stock Exchange index fared the best with a 0.39 percent rise.
Outside the Gulf region, Egypt’s blue-chip index declined by 0.4 percent, impacted by a 2.6 percent fall in shares of the digital and financial investment firm E-Finance. A recent Reuters poll revealed that Egypt’s economic growth for this year is expected to be slightly slower than previously forecasted, following the USD8 billion deal signed with the International Monetary Fund in March.
In Saudi Arabia, the stock index ended the day unchanged. Shares of Saudi Aramco experienced a slight decline of 0.4 percent, while Saudi Telecom Co. saw a modest gain of 0.6 percent following a quarterly net profit increase to 3.03 billion riyals (USD808 million) from 3.01 billion riyals the previous year. Meanwhile, the Bahrain index dropped by 0.07 percent, the Qatar Stock Exchange index fell by 0.03 percent, and the Muscat Stock Exchange index saw a slight increase of 0.13 percent. The Kuwait Stock Exchange index fared the best with a 0.39 percent rise.
Outside the Gulf region, Egypt’s blue-chip index declined by 0.4 percent, impacted by a 2.6 percent fall in shares of the digital and financial investment firm E-Finance. A recent Reuters poll revealed that Egypt’s economic growth for this year is expected to be slightly slower than previously forecasted, following the USD8 billion deal signed with the International Monetary Fund in March.
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