Oil prices, a key catalyst for Gulf financial markets, rose in volatile trading amid expectations of tighter energy markets.
Gabi Dahdouh of Capix.com for the Middle East and North Africa said Gulf stock markets reacted to developments and risks on the global and local arenas, with lingering dealer sentiment hurt by uncertainty. regarding the US debt ceiling and energy prices.
International Monetary Fund Managing Director Kristalina Georgieva said she hoped the global economy would not have to wait until the last minute to find a solution to the US debt ceiling crisis.
US House of Representatives Speaker Kevin McCarthy said his meeting with President Joe Biden on Monday on how to raise the debt ceiling was a “productive and professional” meeting, but they did not come to a final agreement.
Markets are awaiting the results of a meeting that will bring together US lawmakers today on debt ceiling discussions
Market movements
The Saudi Stock Exchange’s main index fell 0.5%, extending losses for the third consecutive session, with almost all financial institution stocks, including shares of Riyadh Bank and Al-Rajhi Bank, falling respectively. 3.4% and 0.5%.
The Dubai index closed down 0.5% with real estate and banking stocks down, with Emaar Properties down 2.2% and Islamic Bank of Dubai down more than 1%.
The Abu Dhabi Stock Exchange index fell 0.4%, driven by a 1.2% decline in First Abu Dhabi Bank and Alpha Abu Dhabi Group, which fell 3%.
Qatari stocks fell for the second consecutive session, losing the index by 0.3%, with Qatar Islamic Bank falling 1.4% and Qatar National Bank falling 1.1%.
Outside the Gulf region, the EGX30 index rose 0.14%, led by Fawry Electronic Payments, which rose 1.5%, and Oriental Weavers, which rose 4.7%.
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