Sharp declines hit Gulf markets amid global sell-off
Stock markets in Kuwait, Qatar, Oman, and Bahrain opened on Sunday with significant losses, as the Gulf region felt the effects of a global market sell-off triggered by new U.S. tariffs. The sharp declines affected the markets of Saudi Arabia, Kuwait, and Qatar, which all saw drops of more than 5%, according to Al-Qabas daily.
The Saudi market index, TASI, plummeted by 5.08%, reaching 11,278.92 points at the opening. In Kuwait, the Premier Market Index fell by 5.13%, settling at 8,154.08 points, while the General Market Index dropped by 4.85%, closing at 7,610.58 points.
Qatar’s stock index dropped by 5.26% to 9,685.7 points. Bahrain saw a smaller decline of 0.11%, with its general index at 1,936.33 points, while the Muscat Stock Exchange fell by 1.93%, reaching 4,282.8 points. The banking sector across Gulf markets faced heavy losses, spurred by concerns that a looming recession in the U.S. economy could spread globally.
This followed a dramatic two-day decline in global financial markets, with U.S. President Donald Trump’s new tariffs on major trading partners fueling renewed fears of an economic downturn.
In the U.S., the S&P 500 lost 10% over Thursday and Friday, shedding more than $5 trillion in market capitalization, marking a 17.4% decline from its February 19 peak — one of the largest two-day drops in seven decades. Meanwhile, the Nasdaq Composite entered a bear market, signaling growing unease across global markets.
