Fastest News Updates around the World

Gulf Markets Plunge $50 Billion Following Three US Bank Collapses

35

- Advertisement -

The aftermath of the crisis caused by the collapse of three US banks heavily affected trading on the stock exchanges of the Gulf countries, which faced a sharp drop, causing them to lose $ 52.7 billion of their market value.

According to Kamco Invest, the Saudi Arabian market recorded the biggest loss among Gulf stock exchanges on Monday as its market value fell by around $33.92 billion, followed by the Abu Dhabi market with a loss of $9.77 billion. then the Kuwait Stock Exchange with a $4.06 billion loss. and Qatar with $3.04 billion, Dubai with $1.94 billion and Bahrain with $45.3 million, while the market value of the Muscat Stock Exchange increased by RSD 93 million.

In Kuwait, most sectors of the stock exchange declined on Monday session to close the market value of the stock exchange at 45.004 billion dinars, which was affected by the pace of trading in leading stocks such as banks, which lost 3 percent in one session of their weight to reach 29.492 billion dinars , in addition to other things.

While this comes as financial markets have generally been impacted by the failure of US banks Signature, Silicon Valley and Silvergate, what most Kuwaiti banks have shown so far indicates that these banks are not at risk, especially “ Silicon Valley, except for very small amounts for some of them, but they do not affect the financial position of the exposed banks.

And in the third bank failure in a week, US authorities announced Sunday the bankruptcy of Signature Bank, New York’s biggest low-income home loan lender, to join friendly Silvergate Capital Bank. to cryptocurrencies and a subsidiary of Silicon Valley Bank SVB Financial Group.

The Federal Reserve System (the US central bank) and the US Treasury announced on Sunday a set of measures to stabilize the banking system.

Source: agencies + Kuwaiti newspaper Al-Rai.

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More