GCC Stock Markets See Negative Performances

Today’s markets analysis on behalf of George Khoury Global Head of Education and Research at CFI

26th March 2024

The GCC stock markets were under pressure and saw increased volatility, impacted by corporate earnings and dividend distributions.

The Saudi stock market experienced a volatile trading day and recorded a negative performance, continuing its correction for the third day in a row. The market recorded declines in many sectors and saw mixed performances in the banking sector, with Al Rajhi and Albilad showing negative results. However, the Saudi stock market remained on a strong trend and could return to the upside after its latest price corrections.

The Dubai stock market was lower today and moved below the levels seen during the last few days. The market was weighed by declines in its major stocks with several banks in the red. Although the market continues to benefit from solid local fundamentals, it could remain exposed to price corrections.

The Abu Dhabi stock market was volatile today and could stabilize after a rebound during the past few days. The market could see risks of price corrections in particular if oil prices retreat.

The Qatari stock market had another negative session, extending yesterday’s decline. The banking sector was mixed while leading stocks such as Ooredoo and Nakilat were down. The market could remain exposed to the downside although rebounding natural gas prices could provide some support.

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Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.