December 2, 2022

Most Gulf equities posted a mixed close today, Wednesday, amid fluctuating oil prices, while the Qatari index ended a seven-session losing streak.
Crude oil prices, the main catalyst for the Gulf’s financial markets, have reversed direction and fallen more than $2 a barrel as the G-7 of the world’s leading industrialized countries discuss capping the price of Russian oil above current levels.
The Qatari index rose 0.6% thanks to a 4.1% jump in the commercial bank and 2.6% in Masraf Al Rayan.
In Abu Dhabi, the index rose 1.3 percent, helped by a 1.7 percent gain in the International Holding Company’s share.
Wael Makarem, senior market strategist at Exness, said the Abu Dhabi market has registered a rebound after a weekly price correction, which could help the market maintain a strong uptrend.
The Dubai index fell 0.1 percent, driven by a 1 percent drop in Emaar Properties.
Outside the Gulf region, the Egyptian blue-chip index fell 0.2 percent, driven by a 2.5 percent drop in the commercial international bank’s share.
Nomura warned that seven countries — Egypt, Romania, Sri Lanka, Turkey, the Czech Republic, Pakistan and Hungary — are currently at high risk of facing a currency crisis.
The Saudi Arabian market was closed today, Wednesday, after the Kingdom declared today a public holiday in honor of its national team’s victory over Argentina in the World Cup.

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