Gulf stock markets saw declines on Wednesday as tensions in Gaza escalated and evacuation operations were conducted in the northern Strip. The Saudi index dropped by 1.03%, due to losses in ACWA Power and Saudi National Bank shares, while a Reuters poll indicated slower economic growth in Saudi Arabia this year, with the UAE anticipated to have the fastest growth in the region.
Geopolitical tensions and low oil prices continue to weigh heavily on the Saudi stock market, which has seen losses for two consecutive sessions. In a separate development, King Salman entered a hospital in Jeddah for routine examinations. Meanwhile, the UAE’s stock markets closed relatively stable on Wednesday, with the Dubai index rising slightly while the Abu Dhabi market saw a slight decline.
Other market movements in the region included a decline in the Qatari index, while the Kuwaiti and Bahraini markets also experienced losses. However, the Muscat Market index rose slightly. Outside of the Gulf region, Egypt’s leading stock index fell by 3.2%, with Commercial International Bank among those experiencing declines. Despite slower growth projections for this year, according to a Reuters poll, Egypt’s economy is expected to accelerate next year.
