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FinancialNews


  • 13-03-23

    Majority of Middle East stock markets experience decrease on Sunday’s session

    (MENAFN) The majority of stock markets in the Middle East closed with decreases on Sunday, with the Egyptian bourse topping the decreases, in reply to Friday’s drop in worldwide stocks more than worries of contagion after the fall of Silicon Valley Bank.

    The startup-concentrated lender became the biggest bank to drop since the 2008 financial crisis on Friday, roiling worldwide markets and leaving billions of dollars belonging to firms and financers stranded.

    In Qatar, the index dropped 1.6 percent, as nearly all the shares were in the red territory counting in Qatar Islamic Bank, which saw a decrease of 3.9 percent.

    In line with Daniel Takieddine, chief executive MENA at BDSwiss, the Qatari market might also be revealed to the conflict that emerged in the US this week and could add weights on the domestic banking sector’s

    Saudi Arabia’s main index fell 0.8 percent, weighed lower by a 1.7 percent drop in Al Rajhi Bank as well as a 0.8 percent decline in Retal Urban Development Co.

    MENAFN13032023000045014228ID1105759929

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