GCC markets under pressure

By Joseph Dahrieh

The GCC stock markets were under some pressure today and were affected by concerns about the geopolitical developments in the region. However, markets could continue to find support in solid fundamentals, strong corporate earnings, and dividend distributions.

The Saudi stock market declined influenced by regional tensions after a strong two-week performance on the main index. The market could decline further if traders continue to secure their gains. Aramco slid today as concerns over a weakening demand for oil remain. On a positive note, STC, the kingdom’s largest mobile operator, reported a 9.2% increase in net profits for 2023, driving its stock higher. 

Dubai's stock market was also affected by geopolitical developments, with several leading stocks such as Emaar Properties and Emaar Development seeing losses. However, the stock market remains bullish overall and could continue to rise, supported by strong fundamentals.

The Abu Dhabi stock market declined as well, weighed by stocks like First Abu Dhabi Bank. Receding oil prices could continue to affect sentiment while the market remains on a downtrend overall.

The Qatar stock market was relatively stable after maintaining a strong rebound from the previous week. The market saw mixed performances among banking stocks and reacted to the geopolitical tensions and declining energy prices.