After the rise in oil prices … a recovery in Gulf stock markets

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Gulf stock exchanges recorded a strong recovery with the opening of trading on Tuesday after recording major losses in the past days, benefiting from a rise in oil prices in global markets.

The Tadawul market index in Saudi Arabia, the largest in the region, increased by 5.6 at the start of trading, while Aramco Oil Company recorded an increase of 5.5 percent, achieving its first gain in several sessions.

The Dubai market index rose by 5.5% at the opening, while the Abu Dhabi index rose by 4.2 percent.

The Kuwait Stock Exchange, which the financial authorities suspended trading for two days in a row after shares in its main market declined, also recorded an increase of 6.6 percent.

While the Qatar Market Index increased by 3 percent, the Bahrain Stock Exchange by 1.2 percent, and the Sultanate of Oman by 0.2 percent.

The Kuwait Stock Exchange fell yesterday, by 9.5 percent, forcing the financial authorities to stop trading in them, while the Dubai market index decreased by 9 percent.

In Saudi Arabia, the Saudi market index fell to 9.2 percent, and Aramco shares fell 10 percent of its value at the beginning of trading, the Abu Dhabi market index fell by 7.1 percent, the Oman market index increased by 2.8 percent, and Qatar more than 6 percent.

These losses came after the collapse of oil prices to less than 20%, as the price of a barrel of West Texas crude reached 30 dollars on Monday morning, and a barrel of Brent 33 dollars, as a result of the price war that Saudi Arabia started after Russia refused to reduce oil production by 1.5 million barrels per day, after an outbreak Corona virus emerging.

Also, the American financial markets were exposed yesterday, to their worst losses in 11 years due to the collapse of oil prices and the spread of the Corona virus, and trading was halted on the American Stock Exchange after a quarter of an hour due to severe losses.

For his part, US President Donald Trump said in a Tweet on Twitter: “Saudi Arabia and Russia are arguing over oil prices and supplies. That, along with false news, is the reason for the market’s downturn.”





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