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Thursday, June 1, 2023
NewsFalling oil prices push most Gulf stock indices down

Falling oil prices push most Gulf stock indices down


US President Joe Biden’s administration is at an impasse with Republican members of Congress over raising the $31.4 trillion debt ceiling.

On Wednesday, Fitch Ratings placed the US credit rating on watch for possible downgrade.

Oil prices fell, after uncertainty that the United States would avoid defaulting, in addition to Russian Deputy Prime Minister Alexander Novak reducing the possibility that the OPEC + group, at its meeting the week next, increases production cuts.

Market movements

  • The Saudi index fell 0.5%, with Riyadh Bank’s share falling 2.2% and Al-Rajhi Bank’s share falling 0.7% at the close.
  • The Dubai Market Index fell 0.1% for the third session as the Dubai Electricity and Water Authority fell 2%.

  • The Abu Dhabi market index fell 0.7%.

  • The Qatari index fell 0.7%, while Industries Qatar fell 2.1%.

Outside the Gulf region, the EGX30 index in Egypt closed down 0.3% after rising for two sessions.

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Arab Desk
Arab Desk
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