closed The main stock markets in the Gulf In contrast, today, Sunday, the Abu Dhabi index retreated from record highs recorded in the previous session.
Wael Makarem, chief market strategist at Exness, said that the markets of the Gulf Cooperation Council (GCC) countries varied in light of the contrast between the uncertainties surrounding the developments of the oil market and global economic growth, and the strong local foundations.
Global stocks fell on Friday after a week that saw mixed economic data and concerns about stable growth, and Asian markets focused on the schedule for the US Federal Reserve to cut asset purchases.
In Abu Dhabi, the index fell 1% due to the decline in the share of First Abu Dhabi Bank, the country’s largest bank, by 2.5%, and the share of the Emirates Telecommunications Group fell 1.5%.
But Alpha Abu Dhabi Holding shares closed up 0.4% after acquiring an additional 31.5% stake in Pure Health Medical Supplies.
The Central Bank of the Emirates said in a report published today, Sunday, that it sees increased risks of illegal financial flows resulting from the Covid-19 pandemic, including money laundering and terrorist financing.
The bank has identified fraud risks associated with the pandemic, such as companies or individuals submitting false requests to be eligible for government stimulus support measures.
The report came as the Central Bank strengthens efforts to combat illicit financial flows.
The main index in Saudi Arabia fell 0.2%, with the shares of Al-Rajhi Bank and the National Bank of Saudi Arabia declining, and 1% each.
Oil prices, a major catalyst for Gulf financial markets, fell on Friday as energy companies in the US Gulf of Mexico region resumed production after two back-to-back hurricanes in the region halted production.
The main index in Dubai rose 0.2%, supported by the advance of Emirates NBD Bank by 0.7% and the rise of Dubai Islamic Bank by 0.2%, while the Qatari index increased by 0.4%.
Outside the Gulf region, the leading stock index in Egypt fell 1%, extending its losses from the previous session.
The Central Bank of Egypt had said in a statement that it kept key interest rates unchanged for the seventh time in a row, during the bank’s monetary policy committee meeting on Thursday.
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