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Most stock markets in the Middle East ended lower on Sunday, with Egypt’s bourse leading decliners, in response to Friday’s fall in global shares on contagion fears following the collapse of Silicon Valley Bank (SVB).
The startup-focused lender was the largest bank to fail since the 2008 financial crisis on Friday, roiling global markets and stranding billions of dollars belonging to companies and investors.
In Qatar, the index slipped 1.6%, as almost all stocks were in negative territory including Qatar Islamic Bank, which fell 3.9%.
The main Gulf bourses in the red on concerns about an interest rate rise
According to Daniel Takieddine, CEO of MENA at BDSwiss, the Qatari market could also be exposed to the tensions that emerged in the United States this week and could put pressure on the stock prices of the local banking sector.
Saudi Arabia’s benchmark index fell 0.8%, weighed down by a 1.7% drop in Al Rajhi Bank and a 0.8% drop in Retal Urban Development CO.
Oil behemoth Saudi Aramco ended flat, despite reporting a sharp rise in 2022 profits.
Aramco posted a record annual net profit of $161.1 billion for 2022, up 46% from the previous year on higher energy prices, higher volumes sold and improved margins for refined products.
Separately, Saudi Arabia’s Crown Prince Mohammed bin Salman formally announced on Sunday the creation of a new national airline, Riyadh Air, with industry veteran Tony Douglas as chief executive, as the kingdom moves to compete with transport hubs and regional travel.
Outside the Gulf, Egypt’s blue-chip index fell 3.1%, with 28 of thirty-one stocks on the index trading red, including top lender Commercial International Bank, which was down 1.8%.
SAUDI ARABIA down 0.8% to 10,384
QATAR fell 1.6% to 10,562
EGYPT lost 3.1% to 15,937
BAHRAIN eased 0.1% to 1,910
OMAN added 0.3% to 4,862
KUWAIT slipped 0.7% to 8,079
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