AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

Abu Dhabi led Middle East stock markets lower on Thursday as fears grew that fast-rising inflation will drive a sharp rise in interest rates that brings the global economy to a standstill.

The U.S. Labor Department’s monthly consumer price index (CPI) report suggested inflation may have peaked in April but is likely to stay strong enough to keep the Federal Reserve’s foot on the brakes to cool demand.

In Abu Dhabi, the index tumbled 5.8%, its biggest intraday fall since March 2020, dragged down by a 8.5% plunge in the United Arab Emirates’ largest lender First Abu Dhabi Bank.

The main share index in Dubai, the Middle East’s business and tourism hub, dived 5.7%, with blue-chip developer Emaar Properties tumbling 8%.

Oil prices, a key catalyst for the Gulf’s financial markets, fell in a volatile week as recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe.

Saudi Arabia’s benchmark index slid 4.1%, with Al Rajhi Bank declining 6.5%.

Saudi bourse extends losses; Qatar edges higher

Among other stocks that fell, oil behemoth Saudi Aramco retreated 1.8% to 44.70 riyals.

Aramco had dethroned Apple Inc as the biggest company by market capitalization after the latter fell more than 5% in the previous session.

Aramco is now worth about $2.38 trillion easing from $2.43 trillion, still higher compared to $2.37 trillion valuation of Apple, Refinitiv data shows.

Outside the Gulf, Egypt’s blue-chip index fell 1.6%, as almost all the stocks on the index were in negative territory.

The Egyptian market remains exposed to the changing sentiment and could continue seeing a volatile performance, said Fadi Reyad, market analyst at CAPEX.com.

“The change in expectations comes on top of the impact the country is witnessing from the conflict in Ukraine.”

Tensions were stoked again as Finland confirmed it would apply to join NATO “without delay” in the wake of Russia’s invasion of Ukraine, a war that has already had a major economic effect by driving up global energy and food prices.

SAUDI ARABIA lost 4.1% to 12,835

ABU DHABI fell 5.8% to 9,223

DUBAI declined 5.7% to 3,327

QATAR 2.4% to 13,144

EGYPT 1.6% to 10,679

BAHRAIN was down 2.6% to 1,960

OMAN eased 0.3% to 4,146

KUWAIT slipped 3.4% to 8,737

Comments

Comments are closed.