Fears of recession in the American economy, the decline in global markets - from stocks to oil to cryptocurrencies – led to a wave of sharp losses in Middle Eastern markets on Monday, ranging between 4.5 percent and 0.9 percent, for the second consecutive day.
The UAE markets topped the declines in the Arab region, as the Dubai Financial Market Index recorded losses of 4.5 percent, reaching 4,045.9 points, while the Abu Dhabi Securities Market Index fell by 3 percent to 8,974.69 points.
In Cairo, the EGX30 Index concluded trading on Monday with losses amounting to 2.3 percent, reaching levels of 27,840.64 points, and the Egyptian pound fell against the US dollar to 49.5 pounds, the lowest level since March 11.
The Tadawul All Share Index (TASI) decreased by 2.1 percent, or by 249.91 points, to close at the level of 11,504.46, with trades worth SAR 10 billion.
The General Market Index of the Kuwait Stock Exchange closed Monday’s trading at a decline to the level of 33.6927 points, or 2 percent, while the trading volume reached 260 million shares.
The Bahrain Stock Exchange Index suffered losses of 1 percent, reaching 1,931 points, while the Bahrain Islamic Index closed at 782.85, a decrease of 24.76 points.
The Muscat Securities Market Index closed down by 0.97 percent at 4602.25 points, a difference of 44.9 points from the last trading session, which reached 4647.20 points. The market value recorded a slight decrease of 0.3 percent.
On the other hand, the Qatar Stock Exchange index stabilized at 10,057.23 points after declining in the previous session by 0.7 percent to 10,057.13 points.
