In the Gulf region, stock markets experienced declines on Wednesday due to a variety of factors including the intensification of Israeli bombing in Gaza and military evacuation operations in the northern Strip. The Saudi index dropped by 1.03%, with declines in ACWA Power and Saudi National Bank shares leading the way. In contrast, the UAE was anticipated to have the fastest growth in the region this year, despite geopolitical tensions and low oil prices weighing heavily on its stock market.
In a separate development, King Salman entered a hospital in Jeddah for routine examinations. Meanwhile, the Dubai index rose slightly while the Abu Dhabi market saw a slight decline. Other market movements in the region included a decline in the Qatari index, while Kuwait and Bahrain also experienced losses. However, the Muscat Market index rose slightly.
Outside of the Gulf region, Egypt’s leading stock index fell by 3.2%, with Commercial International Bank among those experiencing declines. Despite slower growth projections for this year, it is expected that the Egyptian economy will accelerate next year according to a Reuters poll.
