Geopolitical tensions and low oil prices continue to weigh on the Saudi stock market, which has seen losses for two consecutive sessions. The economy is expected to grow slower than anticipated this year, impacted by lower oil prices. Meanwhile, in the UAE, stocks closed the mid-week session relatively stable, with Dubai up slightly and Abu Dhabi down.
In Egypt, the leading stock index fell by 3.2% as most listed stocks declined, including that of Commercial International Bank. Despite signing a financial support package with the IMF, Egypt’s growth is expected to be slower this year with an anticipated acceleration next year.
On Wednesday, most stock markets in the Gulf region experienced declines due to escalating Israeli bombing in Gaza and new evacuation orders in the northern Strip. The Saudi stock market lost 1.03% with ACWA Power and Saudi National Bank shares taking a hit. Qatar, Kuwait, Bahrain, and Muscat all experienced various degrees of decline or growth in their stock markets.
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