Most Gulf stock markets ended trading lower on Thursday, following a decline in oil prices after Federal Reserve Chairman Jerome Powell highlighted credit risks in the banking sector of the world's largest economy. Crude oil prices, a key driver for Gulf financial markets, fell by 0.6%, with Brent crude reaching $76.21 per barrel. In Dubai, the index dropped by 0.9%, with Emaar Properties shares falling by 2.1% and Emirates NBD Bank, the largest bank in the emirate, by 0.4%. Shares of Air Arabia plummeted by 7.1%. In Abu Dhabi, the index decreased by 0.6%, with First Abu Dhabi Bank, the largest bank in the Emirates, dropping by 2%, and the Multiply Group declining by 2.6%.
In Saudi Arabia, the main stock market index closed up by 0.9%, continuing its gains from the previous session, supported by almost all sectors. Shares of Al Rajhi Bank, the world's largest Islamic bank, rose by 1.2%, and Saudi oil giant Aramco climbed by 1.4%.
In Qatar, the index increased by 0.3%, although energy sector stocks were in the red. Qatar National Bank's shares grew by 0.7%, while Industries Qatar saw a 0.9% gain. Meanwhile, shares of Qatar Gas Transport (Nakilat) slipped by 0.7%, and Mesaieed Petrochemical Holding fell by 0.8%.
Outside the Gulf region, Egypt's stock market index rose by 2.4%, with shares of Commercial International Bank increasing by 2.3% and Egyptian Kuwaiti Holding leaping by 10%.
