Most major stock markets in the Gulf gave up early gains to end lower on Wednesday due to concerns over surging number of Omicron coronavirus variant cases around the world.
Governments globally have tightened social mobility restrictions and made urgent pleas for citizens to get vaccinated as Omicron emerges as the dominant strain of the coronavirus, upending reopening plans that many hoped would herald the start of a post-pandemic era in 2022. read more
Israel is to offer a fourth dose of a COVID-19 vaccine to people older than 60 or with compromised immune systems, and to health workers, as part of a drive to ramp up the shots and outpace the spread of the variant. read more
Saudi Arabia's benchmark index (.TASI) dropped 0.5%, ending two sessions of gains, with Al Rajhi Bank (1120.SE) retreating 1.3%, while Sahara International Petrochemical Co (2310.SE) slipped 3.5%, a day after it traded ex-dividend.
However, Saudi Investment Bank (1030.SE) surged 9.1%, to become the top gainer on the index, following its proposal to increase capital and a dividend of 0.70 riyal per share for 2021.
Dubai's main share index (.DFMGI) fell 0.8%, dragged down by a 2.6% drop in top lender Emirates NBD (ENBD.DU) and a 1.3% decrease in sharia-compliant lender Dubai Islamic Bank (DISB.DU).
"The market is continuing its price correction after failing to break above its recent peak last week. A globally cautious sentiment is pulling the main index down," said Wael Makarem, senior market strategist at Exness.
In Abu Dhabi, the index (.ADI) lost 0.7%, hit by a 4.1% decline in Emirates Telecommunications Group (ETISALAT.AD).
The Qatari index (.QSI) gained 0.3%, supported by a 0.6% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA).
Outside the Gulf, Egypt's blue-chip index (.EGX30) added 0.9%, with Commercial International Bank (COMI.CA) closing 0.7% higher.
Investors return to the market after this week's price corrections. However, the market direction remains clouded by the rising impact of Omicron and stagnating oil prices, said Makarem.
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