The main index in Saudi Arabia fell 1%, hurt by a 1.8% decline in Saudi Aramco.
Data from the General Statistics Authority showed on Monday that the annual inflation rate in Saudi Arabia stood at 2.7% in April, unchanged from the previous month, and the authority attributed this to rising housing, water, electricity, gas and fuel prices by 8.1 percent. Food and beverage prices also rose 1.0%, the data showed.
On a monthly basis, the consumer price index recorded a slight increase of 0.4% compared to last March, affected by an increase in the heading housing, water, electricity, gas and others of 0.5%. .
In Qatar, the stock index closed down 1.8%, its biggest drop since mid-March, as most of its components fell.
Daniel Takieddine, CEO of Middle East and North Africa at BD Suisse, said the main index in Qatar faced traders securing their gains after the market’s recent rebound, but it could find some support. as natural gas prices may begin to recover. .
Dubai’s main stock index fell 1%, Emirates NBD Bank 2.5% and Dubai Islamic Bank 1.9%, and the Abu Dhabi market index fell 1.7%.
The Kuwait market index and the Bahrain market index also saw declines of 0.97% and 0.13%, respectively, so the Muscat market index was the only one to gain 0.23%. .
Outside the Gulf region, the index of major stocks in Egypt fell 1.3%, with almost all stocks falling in the index, including the share of Eastern Company (Eastern Smoke), which fell by 3.7%.
Taqi El-Din said the Egyptian Stock Exchange has witnessed pressure from international investors on prices as they continue to sell in large volumes, especially as risk appetite may decline further as Global traders examine key risk factors in the US additionally. the risks of a decline in the Egyptian pound in the near future.
“At the same time, government efforts to privatize the economy can help limit recession,” he added.
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