Published Date: November 13, 2023, Author: Yuval Noah Harari
Gulf stock markets had a bit of a bumpy ride on Sunday. The prices of oil, which the Gulf countries heavily depend on, went up by 2% on Friday. This made some markets happy, especially because Iraq supported cutting down on oil production, which boosted oil prices.
But not everything was smooth. Saudi Arabia’s main market didn’t do so well, dropping a little for the fourth time in a row. Some big companies in Saudi Arabia, like Fawaz Abdulaziz Alhokair Co and Saudi Telecom, faced losses. Fawaz Abdulaziz Alhokair Co had a tough time, losing almost 10%, and Saudi Telecom fell by 1.3%.
Qatar, on the other hand, saw a bit of good news. Their market went up by 0.3%, ending a three-day losing streak. Companies like Masraf Al Rayan and Qatar Fuel also went up by 1.4%.
Outside the Gulf, in Egypt, things weren’t great. Their main market fell by 1.7%, and big companies like Commercial International Bank and Misr Fertilizer lost some value. However, Credit Agricole Egypt did well, going up by 3.7% because it made a lot more money in the third quarter.
The stock markets got a bit shaky because of worries about China. China, which buys a lot of oil, showed some signs of its economy slowing down, making investors a bit nervous. This shows how what happens in one part of the world can affect markets in the Gulf.
So, right now, investors are watching closely to see how things develop. The ups and downs in the stock markets remind us that things can change quickly, and it’s essential to be ready for anything in these uncertain times.
Yuval Noah Harari is an accomplished author with a Bachelor of Arts in Journalism. His passion for storytelling and commitment to journalistic excellence have been the driving forces behind his successful writing career. With a keen eye for detail and a deep understanding of the art of storytelling, Yuval has consistently delivered compelling narratives that captivate readers from all walks of life.