Gulf stock markets continue to move on a downward path, affected by the negative feelings that have been controlling the markets since last week, due to the results of the minutes of the Federal Open Market Committee meeting. The decline continues to dominate market trends, as investors await more inflation data. In addition to the uncertainty over geopolitical tensions and the OPEC+ meeting scheduled for this week, which is expected to further confuse the markets.
The Saudi stock market witnessed volatile trading and remained in a downward trend, trading near its levels witnessed at the beginning of the year. The banking sector continues to constitute a burden on the overall market performance, with negative sentiments continuing to prevail. However, the market may receive some support if oil prices rise, especially with the OPEC+ meeting approaching.
The stock market in Dubai faced a series of fluctuations during today’s trading session, trying to reduce some of the losses it incurred in the last period. The real estate sector continues to decline, while the financial sector has succeeded in achieving gains thanks to the performance of Dubai Islamic Bank. The Dubai market is expected to regain its momentum if upcoming economic data, such as the PMI data, surprise the market positively and provide the necessary support to it.
The Abu Dhabi Securities Market stopped today after a sharp decline witnessed last week and during the recent period, as leading stocks showed a mixed performance today. Expectations indicate that future market movements may depend heavily on oil price fluctuations, which portends continued fluctuations in the coming days.
The Qatari stock market witnessed a decline today, trading near a new low not recorded since last October, and the banking sector continued to lead the wave of losses. The Qatari market is likely to face more challenges in the near future, especially after the weak performance it witnessed this year.
