SAUDI ARABIA lost 1.6% to 10,049
ABU DHABI fell 0.7% to 9,525
DUBAI added 0.2% to 3,310
QATAR dropped 1% to 10,114
EGYPT lost 4.2% to 14,724
BAHRAIN eased 0.4% to 1,899
OMAN down 0.6% to 4,898
KUWAIT gained 0.9% to 7,900
($1 = 0.9214 Swiss francs)
($1 = 3.7555 riyals)
(Reporting by Ateeq Shariff in Bengaluru; Editing by Shilpi
Majumdar)
By Ateeq Shariff
March 15 (Reuters) - Most stock markets in the Gulf gave
up early gains to end lower on Wednesday, tracking a decline in
global shares, as renewed unease gripped markets after Credit
Suisse's largest investor said it could not provide the Swiss
bank with more financial assistance.
Saudi National Bank — the kingdom's biggest lender
— acquired a stake of almost 10% last year after taking part in
Credit Suisse's capital raising and committed to investing up to
1.5 billion Swiss francs ($1.63 billion).
Banking shares, which have been battered following the
collapse of Silicon Valley Bank, resumed their sell-off as the
Credit Suisse stock lost almost a quarter of its value, dropping
to record lows.
Shares of Saudi National Bank retreated 2.7%, hitting their
lowest since February 2021.
The lender lost almost $25 billion in market value since
Oct. 27 after committing to invest in the embattled Credit
Suisse.
Saudi Arabia's benchmark index declined 1.6%,
dragged down by a 2.9% slide in oil giant Saudi Aramco as the stock went ex-dividend, while Retal Urban Development Co fell 1.2%.
In Qatar, the index concluded 1% lower, as most of
its constituents were in the negative territory, including Qatar
International Islamic Bank , which was down 5.8%.
The Abu Dhabi index fell 0.7%.
Oil — a key catalyst for the Gulf's financial markets
—extended losses, with Brent crude hitting a three-month low as
unease over Credit Suisse spooked world markets, offsetting
hopes of a Chinese oil demand recovery. Dubai's main share index , which advanced more than
1% in early trade, finished 0.2% higher, ending its six sessions
of losses.
A shift in global sentiment after the fears that emerged
from the fall of U.S. banks could lead the Dubai market into a
recovery phase as investors return to the market, said Ahmed
Negm, head of market research MENA at XS.com.
"At the same time, traders will remain attentive to the
developments in global markets and central bank decisions this
week and the next."
Outside the Gulf, Egypt's blue-chip index plunged
4.2%, with investment bank EFG Hermes diving more than
12%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.