Most Gulf stock markets closed lower today on Monday as investors watched oil prices and global stocks decline after rare protests in China against strict “zero Covid” restrictions dampened sentiment.
Oil prices, the main catalyst for the Gulf’s financial markets, have fallen to near their lowest levels this year as street protests against strict Covid-19 virus restrictions in China, the world’s biggest importer of crude oil, heightened fears about future demand. for fuel.
China is adhering to the “zero Covid” policy adopted by President Xi Jinping, even as many countries around the world have lifted most restrictions.
Diplomats from the largest G7 countries and the European Union are discussing a cap on Russian oil prices ranging from $65 to $70 per barrel in order to reduce revenues directed to support Russia’s military attack on Ukraine without disrupting global oil markets.
The Saudi Arabia index fell 0.5% due to a 2.8% drop in Rital Urban Development and a 2.6% drop in oil giant Saudi Aramco.
The Dubai Stock Exchange Index fell 0.5% as Emirates NBD Bank shares fell 1.5% and Dubai Electricity and Water Authority (DEWA) shares fell 1.3%.
In Abu Dhabi, the index fell 1.2 percent due to shares in First Abu Dhabi Bank falling 3.9 percent.
The main index of European stocks Stoxx fell 0.9% in early trading after the overall index of Asian stocks MSCI, excluding Japan, fell 1.2% after Covid-related protests sparked investor fears of growth in China.
The Qatari index fell 0.9% and Qatar Fuel Company shares fell 2.5%.
