Most stock markets in the Gulf Cooperation Council countries experienced declines at the beginning of May, influenced by the drop in oil prices and investors awaiting the Federal Reserve’s decision on interest rates. In the UAE, the Abu Dhabi market index dropped by 0.39% to 9032.06 points, while the Dubai market index fell by 0.54% to 4133.31 points. Similarly, the Saudi TASI index declined by 0.4%, with most sectors seeing losses. Shares of the Middle East Pharmaceutical Industries Company dropped by 2%, and the Saudi National Bank’s shares fell by 0.9%.
Preliminary estimates revealed that Saudi Arabia’s real gross domestic product decreased by 1.8% annually in the first quarter, with oil activities continuing to impact overall growth. The general index of the Kuwait Stock Exchange also fell by 0.36% to 7,025.42 points, with a trading volume of 198.7 million shares through 12,139 cash transactions worth 37.9 million dinars. In Bahrain, the stock exchange and Bahrain Clear were closed on Wednesday for Labor Day and were set to resume operations on Thursday.
The Qatari index experienced a 0.2% decline, attributed to decreases in Qatar Islamic Bank shares by 1.1% and Mesaieed Petrochemical Holding shares by 3.4%. The Muscat Stock Exchange’s “30” index also fell by 0.36% to 4767.23 points, with a trading value of 2.36 million Omani riyals. In Egypt, the leading stock index rose by 3.4%, with gains across all listed stocks, including jumps in Talaat Mostafa shares by 7.9% and Commercial International Bank shares by 1.5%.
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