Mubasher: GCC and Egypt stock market indices fell on Wednesday, dragged by oil that dropped to its lowest level in 12 years and the decline of Chinese and Japanese stocks.
The markets' decline was spurred by oil prices that fell on Wednesday after IEA issued a report warning against a surge in oil supply this year following the lifting of sanctions against Iran.
Traders’ sentiment was negatively affected today by the oil fall and rising worries about oil supply and China’s economy, said capital market analyst Amir Al Mansour.
At 11:30 am KSA time, Tadawul’s benchmark index dropped 3.9%, impacted by a decline of petrochemical and banks sectors. SABIC, Alinma Bank, and Al Rajhi Bank fell by 4.6%, 3.7%, and 1.8% respectively.
At 10:30 am Cairo time, EGX benchmark dipped by 3.4% to 5,888.47 points because of the decline of blue-chip stocks headed by CIB with 4.7%.
Dubai’s main index also slipped by 4.3%, following the decline of Arbtec (-7.7%), Emaar (-5.5%), and Dubai Islamic Bank (-4.9%).
Meanwhile, Abu Dhabi benchmark decreased 3% with 5.5% and 4.4% decline in First Gulf Bank and Aldar Properties respectively.
The Kuwaiti benchmark fell 2.2% dragged by blue-chip stocks’ decline such as Mayadeen (-11.1%), National Bank of Kuwait (-4.3%), and KIPCO (-3.8%).
On the Qatari level, the main index tumbled 1.9% at 11:30 am Qatar Time, as most blue-chip stocks plummeted, mainly Gulf International Services (-5.9%), Islamic Holding Group (-4.8%), Masraf Al-Rayan (-2.3%), and Industries Qatar (-1.8%).
