Saudi leads Gulf bourses lower amid recession frets

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Saudi leads Gulf bourses lower amid recession frets

On Sunday, a swathe of major Gulf bourses had wrapped up the session sharply lower, echoing the tone of a mass-scale slaughter in Friday’s money markets across the globe, as fear gauge of a recession fret appears to be soaring at a breakneck pace, eventually dealing a hefty blow to investors’ morale.

On top of that, both US and UK crude oil futures’ prices, a critical indicator to Gulf traders’ appetite for riskier equities, dipped to a fresh eight-month low, as recession worries had led to a havoc-scale retreat among market participants.

Both oil futures’ prices had wrapped up the session over 5.0 per cent lower, while both benchmarks dropped roughly 7.0 per cent over the week, adding further holocaust to Gulf markets. Aside from that, as Gulf markets were echoing the leads of Friday’s sharp tottering in Global money market as beforementioned, Saudi had led the declines in the Middle East, while MSCI’s gauge of Global stocks indices had shed over 2.07 per cent to an almost two-year low and regional pan-European STOXX 600 had wrapped up Friday’s session 2.34 per cent lower, marking off its biggest weekly decline in more than three months.

Saudi leads major Gulf bourses lower

Citing statistics, in the day’s Gulf market wind-down, Saudi’s benchmark index slipped more than 2.6 per cent, remarking the index’s largest intra-session decline since late-June, as Retail Urban Development Co dipped 4.0 per cent and Saudi’s state-backed oil giant Aramco gobbled up as much as 2.6 per cent in losses.

Outside the Gulf, Egypt’s blue-chip index dipped 0.3 per cent with Commercial International Bank drowning as much as 2.1 per cent. Elsewhere in the Gulf, Qatari bourse closed 1.5 per cent lower with petrochemical giant Industries Qatar faltering 3.2 per cent, while Bahrain winded down the session 1.4 per cent lower.

Besides, Omani bourse shrugged off 0.3 per cent, while Kuwaiti bourse took a teetering header of 2.5 per cent.