Mubasher: The decline dominated 3 Gulf stock exchanges during the week’s trading, coinciding with the end of the companies’ quarterly business results season and affected by the decline in oil prices, while the main index of the Egyptian Stock Exchange fell, recording the largest weekly loss in two months, amid investors’ assessment of interest decisions.
The Egyptian Stock Exchange topped the weekly declines in the Arab world, as the 30-year-old index recorded the largest weekly loss in two months, after recording losses of more than 3%.
This drop came after the Egyptian 30 index achieved its fourth daily decline in a row at the end of Thursday’s trading, driven by a 2.7% fall in the share of the Commercial International Bank.
Investors were awaiting the decision of the Monetary Policy Committee of the Central Bank of Egypt, which included fixing interest rates, after raising them by 200 points at its meeting last March.
As for the Saudi Stock Exchange, at the end of the third week of May, the main index “TASI” recorded a decline of 0.4%, with a decline in the shares of the energy, communications and basic materials sectors.
On the Qatari Stock Exchange, the general index of the Doha Securities Market recorded a weekly loss of 0.9%, after rising in the past three weeks.
In Kuwait, the Kuwaiti First Stock Exchange index recorded weekly losses of 2.2% for the third week in a row, despite its rebound from its lowest daily levels in about a year and a half.
In the Sultanate of Oman, the weekly performance was different from the rest of the region’s stock exchanges, as it recorded slight increases, while the performance of the general index of the Stock Exchange in Bahrain was stable at the previous levels.
In turn, Ibrahim Al-Failakawi, a technical analyst for financial markets, explained to “Mubasher Information” that the Gulf stock exchanges are still dominated by the speculative performance tilted for a technical correction, which may end next week in light of the optimistic news about a solution to the US debt problem and expectations of the return of global oil prices to rise and the tendency to stabilize oil prices. interest by the Fed.
At the level of Thursday’s session and in the UAE, the FTSE Abu Dhabi index declined by 0.2%, and the general index of the Dubai Financial Market decreased by 0.3%, after achieving gains of more than 1.6%.