Most stock markets in the Gulf closed lower today, Tuesday, as financial markets were impacted by fears of a banking collapse following the fall of Silicon Valley Bank in the United States. The Saudi index closed down 1%, influenced by a 0.8% drop in Rital for Urban Development and a 1.1% decrease in shares of Al Rajhi Bank. The currencies of most Gulf countries are pegged to the dollar, and Qatar, Saudi Arabia, and the UAE typically follow any changes in U.S. monetary policy.
Decline of Most Gulf Stock Markets
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