March 13 (Reuters) - Most stock markets in the Gulf
ended lower on Monday, extending losses from the previous
session as the collapse of Silicon Valley Bank raised
fears of a fresh financial crisis.
The failures in the U.S. banking sector continue to weigh on
GCC stock markets and add to the uncertainties around U.S.
monetary policy, said Fadi Reyad, Chief Market Analyst at
CAPEX.com.
"Energy price movements remain under observation as well and
could add to the pressures."
The Federal Reserve and U.S. Treasury on Sunday announced a
range of measures to stabilise the banking system and said
depositors at SVB would have access to their deposits on Monday.
Despite their efforts, markets remained nervous.
Saudi Arabia's benchmark index dropped 0.8%, weighed
down by a 1.5% fall in Al Rajhi Bank and a 0.8%
decrease in Retal Urban Development Co .
In the kingdom, all banking shares were in red including
Arab National Bank , which was down 5.9%.
Dubai's main share index closed 0.9% lower, with
blue-chip developer Emaar Properties retreating 2.9%.
In Abu Dhabi, the index was down 1.6%.
Oil prices - a key catalyst for the Gulf's financial markets
- fell $4 as the collapse of Silicon Valley Bank weighed, but a
recovery in Chinese demand provided support.
Elsewhere, the benchmark Qatar index declined 1.5%.
Outside the Gulf, Egypt's blue-chip index slid
3.1%, dragged down by a 3.9% tumble in top lender Commercial
International Bank .
SAUDI ARABIA down 0.8% to 10,305
ABU DHABI fell 0.7% to 9,758
DUBAI dropped 0.9% to 3,354
QATAR declined 1.5% to 10,408
EGYPT lost 3.1% to 15,439
BAHRAIN eased 0.1% to 1,909
OMAN was up 0.7% to 4,894
KUWAIT decreased 0.3% to 8,059
(Reporting by Ateeq Shariff in Bengaluru
Editing by Christina Fincher)
