Gulf stock exchanges continued their bleeding Thursday, following in the footsteps of global markets, led by “Wall Street”, which recorded a sharp decline in its trading the day before yesterday.
In a bloody weekend session, the Gulf financial markets collectively lost about 120.4 billion dollars of their market value in one day, bringing their losses during the week to 137.3 billion, affected by factors, foremost of which is the state of uncertainty that dominates the general sentiment of investors as a result of fears about high inflation globally, which It may lead to additional intervention from the American “Federal” to raise interest rates again and more, despite the strong fundamentals enjoyed by Gulf companies and banks in general, and Kuwait in particular, in light of the strong profits they achieved in 2021 and the first quarter of this year, and the expected benefit, reports a local Arabic daily.
The banking sector may raise interest rates in the coming period, as oil prices continue to move above prices equivalent to the budgets of the Gulf states.
The biggest loser in the Gulf yesterday was the Saudi Stock Exchange, which lost 79.9 billion dollars of its market value, followed by the Abu Dhabi Stock Exchange with losses of 23.5 billion, then the Dubai Financial Market with 6.6 billion, while the Kuwait Stock Exchange, which witnessed a decline in all its indicators, came fourth in the size of losses, losing about 5.3 billion dollars, bringing the total lost during the week to about 3.105 billion dinars.
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