The stock markets in the Gulf region experienced declines on Wednesday as Israeli bombing intensified in Gaza while the military conducted new evacuation operations in the northern Strip. The Saudi index dropped by 1.03% due to declines in ACWA Power and Saudi National Bank shares. 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 continued to weigh on the Saudi stock market which saw losses for the second consecutive session. In a separate development, King Salman entered a hospital in Jeddah for routine examinations. In the UAE, stock markets closed the mid-week session relatively stable, 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 the Gulf region, Egypt’s leading stock index fell by 3.2%, with the Commercial International Bank stock among those experiencing declines. Despite slower growth projections for this year, the Egyptian economy is expected to accelerate next year according to a Reuters poll.