Most Gulf and Qatari stock exchanges have declined, reaching their lowest levels in 4 years

Most stock markets in the Gulf region declined on Wednesday, led by the Qatari index, amid uncertainty regarding the Federal Reserve’s reduction in interest rates after an unexpected improvement in consumer confidence.
After gains during the previous session, the Qatari index fell by one percent, falling to 9,279 points, its lowest level in about four years, with almost all sectors declining.
Qatar Islamic Bank shares fell 1.9 percent, and Industries Qatar shares fell 1.4 percent.
The Abu Dhabi benchmark index continued a series of losses for the eighth session and fell 0.4 percent to 8,711 points, its lowest level in more than two years. Alpha Dhabi Holding Group shares fell 3.6 percent to 10.6 dirhams per share, which is its lowest level since its listing in June 2021.
Aldar Properties shares and Abu Dhabi Commercial Bank shares lost 2.7 percent and 1.9 percent, respectively.
Dubai’s main index fell 0.7 percent, with Emaar Properties falling 3.1 percent and Dubai Islamic Bank falling 1.1 percent.
However, the shares of the troubled contracting company (Drake & Scull International) rose by about 24 percent to close at 0.310 dirhams, compared to a reference price of 0.25 dirhams. The stock resumed trading on Wednesday after a restructuring hiatus for more than five years and losses dating back to 2015.
The Saudi index rebounded after losses for four consecutive sessions, rising by about 0.3 percent.
National Saudi Bank shares jumped 5.8 percent, and Riyad Bank shares jumped 3.5 percent.
US Treasury bond yields touched their highest levels in several weeks on Tuesday after lackluster debt deals and stronger-than-expected economic data dampened hopes for a cut in US interest rates this year.
The Gulf Cooperation Council countries are usually guided in their monetary policy by the actions of the Federal Reserve, given that most of these countries’ currencies are pegged to the dollar.
Outside the Gulf region, the losses of the leading stock index on the Egyptian Stock Exchange continued for the third session in a row, as it fell by about 0.4 percent, affected by the decline of EFinance shares by 3.2 percent and EFG Holding shares by 2.2 percent.
However, GB Corp shares rose 3.5 percent after the automaker’s first-quarter net profits grew by about 482 percent.