On Sunday, the 8th of September 2019, a majority of Gulf bourses took heavy headers followed by release of a much-downbeat Chinese exports and trade surplus data, which added to investors’ woes amid spurring trade tensions between United States and China.
In point of fact, as most of the Gulf bourses fell on Sunday (Sept. 8th) on financials’ losses, a number of analysts were quoted saying that the Middle East lenders were bracing for an interest-rate cut of Federal Reserve as early as this month, which in effect would likely to initiate a chorus of rate-cut in the Middle East Banks.
Meanwhile, leading the losses on Sunday’s (September 8th) market, Dubai had halted a four-day long rally on financials’ losses as beforementioned, while UAE’s largest bank, Emirates NBD had jolted 2.9 per cent.
As an aftermath, Dubai bourses fell by 0.7 per cent on Sunday’s (September 8th) market wind down, while the key Saudi index managed to end up the day with little changes, though could not avert a downward spiral, as Saudi Arabia’s Samba Financial Group alongside Saudi British bank, both dwindled more than 2.4 per cent each.
Aside from that, Abu Dhabi index rounded off the day deep in the reds followed by Abu Dhabi Commercial Bank’s plunge of 1.6 per cent on Sunday (Sept. 8th). Elsewhere in the Middle East public trading, Qatari stock exchange had been the lone gainer, while Egypt wrapped up the day a penny down and Bahrain ended down 0.4 per cent.
Further inside the bid, Oman and Kuwaiti bourse winded down Sunday (Sept. 8th) market down by 0.2 per cent and 0.5 per cent respectively amid a recession risks lurking over the horizon eclipsing money markets across the world.