{"id":37241,"date":"2023-11-26T15:49:45","date_gmt":"2023-11-26T15:49:45","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/most-gulf-markets-in-the-red-on-falling-oil-prices\/"},"modified":"2023-11-26T15:49:45","modified_gmt":"2023-11-26T15:49:45","slug":"most-gulf-markets-in-the-red-on-falling-oil-prices","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=37241","title":{"rendered":"Most Gulf markets in the red on falling oil prices"},"content":{"rendered":"
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\u00a9 Reuters. A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS\/Hamad I Mohammed\/File Photo\u2028<\/span>
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By Ateeq Shariff<\/p>\n

(Reuters) – Stock markets in the Gulf ended lower on Sunday in response to Friday’s fall in oil prices, although the Saudi index bucked the trend to trade higher.<\/p>\n

Oil – a catalyst for the Gulf’s financial markets – fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium.<\/p>\n

In Qatar, the index dropped 0.7%, weighed down by a 1.5% fall in Qatar Islamic Bank and a 1.5% decrease in petrochemical maker Industries Qatar.<\/p>\n

Outside the Gulf, Egypt’s blue-chip index declined 0.8%, with top lender Commercial International Bank losing 2%.<\/p>\n

Saudi Arabia’s benchmark index edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company.<\/p>\n

OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, four OPEC+ sources told Reuters, after disagreements over those targets forced the group of oil-producing nations to postpone a key meeting.<\/p>\n

The market is also waiting to see if Saudi Arabia extends its additional 1 million barrel per day (bpd) voluntary production cut, which is due to expire at the end of December.<\/p>\n

SAUDI ARABIA rose 0.1% to 11,090 <\/p>\n

QATAR dropped 0.7% to 10,137 <\/p>\n

EGYPT lost 0.8% to 25,300 <\/p>\n

BAHRAIN eased 0.1% to 1,951 <\/p>\n

OMAN rose 0.2% to 4,628 <\/p>\n

KUWAIT was up 0.1% to 7,320 <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS\/Hamad I Mohammed\/File Photo\u2028 By Ateeq Shariff (Reuters) – Stock markets in the Gulf ended lower on Sunday in response to Friday’s fall in oil prices,<\/p>\n","protected":false},"author":1,"featured_media":28554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-37241","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nMost Gulf markets in the red on falling oil prices | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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