Major Gulf stock exchanges fall amid oil pressures and Omicron's concerns

The main stock exchanges in the Gulf region closed on Sunday, with a strong decline, with the exception of Oman, under pressure from low oil prices and growing concerns about the “Omicron” strain of Corona.

The benchmark Brent crude contracts, for February delivery, fell by $1.5, or 2 percent, to $73.52 a barrel, in the last sessions of last week.

Meanwhile, US West Texas Intermediate crude contracts, for January delivery, fell by 1.52 dollars, or 2.1 percent, to 70.86 dollars per barrel.

In addition, fears of an “Omicron” outbreak increased amid the rise in infections, with about 89 countries announcing the discovery of infections with the new mutant.

The Saudi Stock Exchange, the largest market in the Arab world, fell, with its main index “TASI” dropping 1.34% to 11,160 points.

The Saudi index was affected by the decline in shares of Al-Rajhi Bank by 1.55%, SABIC 2.57%, and ACWA Power by 0.12%.

The Stock Exchange of the UAE capital Abu Dhabi fell by 2.32 percent to 8,650.7 points, amid a decline in the shares of First Abu Dhabi by 3.09 percent, Etisalat 3.58 percent, and Multiplay 5.5 percent.

The Dubai Stock Exchange fell 3.55% to 3,156.72 points, pressured by the decline in Emirates NBD shares by 4.24 percent, Emaar 4 percent, and Union Properties 8.03 percent.

The Kuwait Stock Exchange fell after its first market index fell 0.63 percent to 7,501.32 points, amid a decline in investment shares of 2.63 percent, Alafco 1.78 percent, and Al-Imtiaz 1.65 percent.

On the other hand, the Muscat Stock Exchange rose by 0.31 percent to 4,043 points, supported by a rise in Julphar Engineering shares by 2.64 percent, then Phoenix Energy by 2.13 percent, and Al-Sawadi Energy by 2.08 percent.

Qatar and Bahrain stock exchanges suspended their business today on the occasion of the two countries’ national days.

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