On Sunday, a basket of Gulf bourses had wrapped up the session modestly lower with Abu Dhabi’s main index beating a hasty retreat from a record closing high peaked on Thursday. In point of fact, in the day’s Gulf bourses had largely mirrored a broad-based sell-off wave in global equity indices on Friday ahead of a policy meet of US Federal Reserve, which would more likely to address a taper of fiscal supports for the economy amid a sky-scrapping surge in inflation indicators.
On top of that, a plunge in crude oil futures’ prices on Friday, a critical pivot to Gulf investors’ morale, with crude supplies restoring from the US Gulf of Mexico following back-to-back Hurricanes, had added to strains.
However, still a 28 per cent of entire US Gulf of Mexico outputs had been shut-in as of Friday night. Nevertheless, prospects of a near-term global economic recovery with a pick-up in vaccination drives in major G20 economies had pared some losses.
Meanwhile, addressing to a potential drift in Gulf markets’ direction with growing doubts oil supply, a senior market strategist at Exness, Wael Makarem was quoted saying that major Mid-east markets had been facing off a sheer uncertainty.
Gulf market ends lower as Abu Dhabi off record highs
Citing statistics, on Sunday’s Gulf market closing bell, Saudi’s benchmark index dropped 0.2 per cent with the Kingdom’s largest lender Saudi National Bank alongside Al Rajhi Bank both losing over 1.0 per cent.
Dubai’s main index added 0.2 per cent with Emirates NBD Bank and Dubai Islamic Bank gaining 0.7 per cent and 0.2 per cent respectively, while Abu Dhabi’s main index taking a tattering header of 1.0 per cent, mostly dragged down by a 2.5 per cent decline in First Abu Dhabi Bank.
Shares’ prices of Emirates Telecommunications Group, in tandem, dropped 1.5 per cent. Outside the Gulf, Egypt’s blue-chip index shed 1.0 per cent, spanning losses from previous session. Elsewhere in the Gulf, Qatari bourse added 0.4 per cent.