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Most Gulf Markets Collapse Due to Contagious US Bank Fears – Markets IV News

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Most Gulf stocks fell on Tuesday as fears of contagion from the failure of US Silicon Valley Bank (SVB) eased financial markets.

Most Gulf currencies are pegged to the dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy shift in the United States.

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Saudi Arabia’s benchmark index ended 1% lower, weighed down by a 0.8% decline in Retail Urban Development Co and a 1.1% decline in Al Rajhi Bank.

Separately, Boeing Co is expected to sell nearly 80 787 Dreamliner planes to two Saudi Arabian airlines, Reuters reported on Monday, citing a source briefed on the matter.

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Elsewhere, Saudi Basic Industries Corp fell 2.7% as the petroleum producer went ex-dividend.

Dubai’s main stock index fell 1.5%, extending losses to a fifth session, while sharia-compliant lender Dubai Islamic Bank fell 3.6%.

In Abu Dhabi, the index fell 1.8%, driven by a 2.7% decline in the United Arab Emirates’ largest lender, First Abu Dhabi Bank.

Most Gulf markets retreat due to US banks’ fears of contagion

ADNOC Gas fell 0.4%, a day after surging more than 18% above its listing price in its market debut.

ADNOC Gas shares closed at 2.81 dirhams ($0.7651) apiece, against its initial offer price of 2.37 dirhams.

The uncertainty in the US banking system and the subsequent oil declines have fueled price corrections in the Abu Dhabi stock market, said Farah Mourad, chief market analyst at XTB MENA.

“Otherwise, the market could continue to benefit from strong local fundamentals and investor interest in local IPOs as global turmoil subsides.”

The Qatari index fell by 1.9%.

Oil prices – a key driver of Gulf financial markets – fell more than $2 a barrel, extending the previous day’s decline, as the fall of a Silicon Valley bank rattled stock markets and raised fears of a new financial crisis.

Outside the Gulf, Egypt’s index fell 0.5%, with top lender Commercial International Bank losing 2%.

 SAUDI ARABIA    dropped 1% to 10,207
 ABU DHABI       fell 1.8% to 9,587
 DUBAI           declined 1.5% to 3,304
 QATAR           lost 1.9% to 10,216
 EGYPT           down 0.5% to 15,362
 BAHRAIN         eased 0.2% to 1,906
 OMAN            rose 0.7% to 4,929
 KUWAIT          slid 2.9% to 7,827


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