Home Business News GCC stock markets see selling pressures

GCC stock markets see selling pressures

5th Mar 24 1:02 pm

GCC stock markets were mostly down today, impacted by concerns over oil prices and demand for energy products.

Additionally, geopolitical tensions could continue to affect sentiment while recent US data and events this week are affecting investor outlook.

In Saudi Arabia, the stock market posted slight gains but remained within a range. The energy sector showed strength, led by Aramco and Ades, the latter buoyed by positive earnings.

The banking sector, excluding Al Rajhi Bank, retreated for the most part, impacting market performance. Nonetheless, the Saudi market could maintain its potential for further gains, bolstered by a bullish trend overall, robust corporate earnings, and a positive economic outlook while the latest PMI data reported a rebound in business activity in February.

The Dubai stock market experienced another decline as investors continued to secure their gains, with leading stocks like Dubai Islamic Bank, Emaar, and Emirates NBD all in the red. Despite geopolitical tensions, the latest PMI data suggested a healthy economic outlook, which could support a rebound and an extension of the current uptrend of the stock market.

Abu Dhabi’s market was also down, reverting toward last month’s lows. Oil price uncertainties remain a source of concern and could continue to weigh on the market’s performance.

In Qatar, the stock market declined, with the banking sector, particularly QNB, leading the downturn.

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