Apr 21, 2024 (MENAFN via COMTEX) --
(MENAFN - Your Mind Media ) 19th April 2024
GCC stock markets concluded the week predominantly in the red, dragged down by geopolitical tensions and a decline in oil prices, which dampened overall market sentiment.
The Saudi stock market dropped by 1.6% amid volatile trading, with falling oil prices and escalating geopolitical tensions exerting pressure. Lower oil prices and production cuts weighed on the energy sector, including Aramco. Other sectors such as banking, insurance, consumer staples, and media also followed the same downward trajectory.
In Dubai, the stock market ended the week on a negative note, primarily influenced by a risk-off mood driven by geopolitical tensions. All sectors were in the red, with major stocks like Emaar Properties and Emirates NBD experiencing declines. The market may continue to face downward pressure if geopolitical unrest persists, compounded by a hawkish shift in US monetary policy expectations.
The Abu Dhabi stock market also declined. Geopolitical tensions, coupled with the week's oil price drop, were the main contributors to the market's poor performance, and the downtrend could extend further.
The Qatari stock market experienced uncertain fluctuations throughout the week, ultimately closing slightly negative.
MENAFN21042024006667014463ID1108119398
COMTEX_451190993/2604/2024-04-21T16:07:11
