Gulf stock markets continue sharp decline amid geopolitical tensions and global stock market collapse

Most Gulf stock markets fell at the start of trading on Monday, led by the Saudi Stock Exchange, amid a further decline in global stock markets amid rising recession fears and rising geopolitical tensions in the Middle East.

During trading on Monday, the Saudi TASI index fell by 3.5%, with most of its sectors recording losses and the Saudi oil giant Aramco’s share falling by 15.9%.

The Abu Dhabi index fell 2.7%, after recording gains in five consecutive sessions, with Al-Ilamiya Holding Company falling 1.12%, Alpha Dhabi losing 4.8% and ADNOC Gas losing 3.9%.

The Dubai Financial Index fell at the same hour of today’s trading by 4.25%, affected by the losses of Emaar Properties shares by 8.22%, and the shares of Emirates NBD, Dubai’s largest bank, also fell by 4.2%.

The Qatar Stock Exchange index also fell by 2.8%, led by major stocks such as Qatar Navigation (Milaha), Qatar Gas Transport Limited (Nakilat) and Qatar National Bank.

The Kuwait Stock Exchange's first index also fell by more than 2%, the Muscat Securities Market index fell by 0.8%, and the Bahrain Stock Exchange index fell by 1.26%.

Outside the Gulf region, the losses of the Egyptian Stock Exchange increased, and the main index of the thirty-sector index fell by 4.47%, to trade at 27,228 points, missing the 28,000-point level.

The continued sharp decline in the region's financial markets came after the US jobs report issued last Friday caused shocks to the US and global financial markets, as its issuance increased fears of economic recession.

Tokyo led a collapse in Asian stock markets on Monday, with Japan's Nikkei index plunging 12.4% in its worst session in decades.

The yen hit a six-month high after weak U.S. jobs data raised fears of a recession in the world's largest economy and boosted bets on multiple interest rate cuts by the Federal Reserve.

European stocks fell sharply at the start of Monday's session as global volatility continued amid fears of an impending recession in the United States.

After a volatile week for Wall Street, U.S. stock futures were lower early Monday, with Dow Jones Industrial Average futures down about 600 points, or 1.5%. S&P 500 futures and Nasdaq 100 futures were down 2.8% and 4.9%, respectively.